LONDON: Gold fell more than 1 per cent on Friday to head for its first weekly drop in four on the back of sharply lower oil prices and dollar strength, though traders remained cautious ahead of a referendum on Swiss bullion reserves this weekend.

Spot gold was down 0.8pc at $1,180.89 an ounce at 1412 GMT, having earlier touched a low of $1,177.84. U.S. gold futures for December delivery were down $18.70 an ounce at $1,183.50.

“(Gold’s weakness) has to do with the oil price, and strength in the dollar,” ABN Amro analyst Georgette Boele said.

Silver was down 2.3pc at $15.80 an ounce, while spot platinum was down 0.5pc at $1,205.50 an ounce and spot palladium was up 0.1pc at $804.98 an ounce.

Published in Dawn, November 29th, 2014