LONDON: Gold prices dropped for a fourth session in five on Thursday, losing more than 1 per cent after the Federal Reserve signalled it was still on track to lift US interest rates this year.
In Wednesday’s policy statement, the Fed said the US economy was expanding “at a solid pace”, but reiterated it would be patient in deciding when to increase benchmark borrowing costs.
Spot gold fell to a session low of $1,265.20 an ounce and was down 1pc at $1,271 by 1455 GMT.
Gold hit a five-month high of $1,306.20 on Jan. 22, before retreating on stronger risk appetite after the European Central Bank announced new liquidity measures.
US gold for February delivery eased 1.2pc to $1,270.20 an ounce.
Spot silver dropped 2.8pc to $17.43 an ounce. Palladium fell 0.5pc to $788.20 an ounce and platinum was down 1.9pc at $1,229.49 an ounce.
Published in Dawn, January 30th, 2015
On a mobile phone? Get the Dawn Mobile App: Apple Store | Google Play
Dear visitor, the comments section is undergoing an overhaul and will return soon.