LONDON: Gold fell on Wednesday, heading for a third day of losses, as the dollar extended gains versus the euro after US economic data.

Data on Wednesday showed private employers added 212,000 jobs in February, while January’s private payrolls were revised upwards to 250,000.

Spot gold, higher initially, fell 0.1 per cent to $1,201.30 an ounce by 1538 GMT. The metal had fallen to a one-week low of $1,194.90 on Tuesday, dented by an 11-year high of the dollar and expectations of a US interest rate hike.

US gold for April delivery dropped $3.90 to $1,200.40 an ounce.

Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.35pc to 760.80 tonnes on Tuesday. That followed a near 8-tonne fall on Monday, the biggest outflow this year.

Spot silver fell 0.3pc to $16.17 an ounce, while palladium was unchanged at $827.00 an ounce and platinum edged 0.6pc lower to $1,175.00 an ounce.

Published in Dawn, March 5th, 2015

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