LONDON: Spot gold rebounded after hitting a four-week low on Thursday, but prices were still poised for their biggest weekly loss since November as the prospect of more US interest rate rises has bolstered the dollar.
Hawkish comments from several US Federal Reserve officials this week put investors on guard for the possibility of at least two rates increases this year, with the first potentially as soon as next month, triggering a widespread correction across commodities.
Spot gold slipped 0.6pc in early trade on Thursday to $1,212.20 an ounce, its weakest since Feb. 26, before rebounding to $1,221.26, up 0.1pc, by 1451 GMT, as the dollar pared some gains after weekly US jobs data.
Gold was on track for a 2.7pc weekly loss, largely because of Wednesday’s 2pc decline. London and many other gold markets will be closed on Friday and Monday for the Easter holiday. US gold slipped 0.2pc to $1,221.50 an ounce.
Silver gained 0.2pc to $15.25, platinum was down 0.3pc at $955.40 and palladium fell 1.4pc to $571.45.
Courtesy : Dawn News