LONDON: Gold fell to an eight-month low on Thursday after the US Federal Reserve’s reiteration that interest rates were likely to rise this year pushed the dollar index to a six-week high.

Platinum hit its lowest since February 2009 at $1,000.25 an ounce, hurt by perceptions of plentiful supply. Top producer Anglo American Platinum said on Thursday its output rose 60 per cent in the second quarter. Palladium slipped to its lowest since November 2012.

Spot gold had fallen 0.4pc to $1,144.60 an ounce by 1402 GMT, while US gold futures for August delivery were down $4.00 an ounce at $1,143.40.

Spot prices fell earlier to their lowest since November at $1,142.10 after Federal Reserve Chair Janet Yellen confirmed on Wednesday the central bank will likely raise interest rates later this year if the US economy expands as expected.

Silver was down 0.7pc at $14.98 an ounce and palladium was down 0.7pc at $633 an ounce, off a low of $622.75.

Published in Dawn, July 17th, 2015

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