LONDON: Gold fell more than 1 per cent on Monday as the dollar climbed on increasing prospects that the Federal Reserve may start raising interest rates this year.
Gold, which does not pay any interest, has benefited from a low interest rates environment and central banks’ accommodative policies in the years following the 2008-09 credit crunch.
Spot gold fell as much as 1.4pc to a one-week low of $1,182.05 an ounce, slightly cutting losses to trade down 1pc at $1,187 by 1410 GMT. US gold futures for April delivery dropped 1.1pc to $1,186.50 per ounce.
Spot silver fell 1.1pc to $16.74 an ounce, while platinum dropped 1.5pc to $1,118.88 an ounce and palladium was down 0.8pc at $733.50 an ounce.
Published in Dawn, March 31st, 2015
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