LONDON: Gold hit four-week lows on Monday as the dollar rose after hawkish comments from a top Fed official, but prices were supported by uncertainty created by the start of talks on the terms of Britain’s departure from the European Union.

Spot gold was down 0.3 per cent at $1,248.7 an ounce at 1338 GMT, up from an earlier $1,247.41, its lowest since May 24.

US gold futures fell 0.4pc to $1,251.6. New York Federal Reserve President William Dudley said US inflation is a little low but should rise alongside wages as the labour market improves, allowing the Fed to continue gradually tightening US monetary policy.

Silver lost 0.1pc to $16.56 an ounce and platinum slid 0.5pc to $919.5 an ounce.

Published in Dawn, June 20th, 2017