LONDON: Gold edged lower on Friday, struggling with the $1,200 an ounce mark as the dollar firmed and investor appetite for risk increased on expectations of rising US interest rates.
Spot gold was down 0.1 per cent at $1,196.60 an ounce by 1512 GMT. The metal was heading for a 2pc weekly fall after two weeks of gains.
US gold futures for delivery in February gained 0.2pc to $1,196.80 an ounce.
In India, gold importers are offering a discount of $2 an ounce versus London prices for the first time in almost five months due to excess market supply.
Importers generally charge a premium over London prices but demand in the world’s second-biggest gold consumer is expected to fall sharply this month after shipments surged in the past three months.
Among other precious metals, silver rose 0.8pc to $15.95 an ounce. Platinum was unchanged at $1,194.24 an ounce and palladium gained 0.7pc at $793.55 an ounce.
Published in Dawn, December 20th, 2014
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