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Gold falls

November 09, 2018

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BENGALURU: Gold slid to a one-week low on Thursday as the dollar firmed in the wake of the US midterm elections, with market participants now awaiting clues on the pace of interest rate hikes from the US Federal Reserve.

The metal is on track to post a fifth straight session of losses, hurt more broadly by a recovery in investor appetite for nominally higher-risk assets like stocks.

Spot gold was down 0.2 per cent at $1,223.36 per ounce at 1055 GMT, after touching its lowest since Nov 1 at $1,221.10 earlier in the day. US gold futures fell 0.4pc to $1,224.20 per ounce.

In other precious metals, silver fell 0.7pc to $14.46 per ounce. Palladium dipped 0.9pc to $1,123.10 per ounce. It touched a two-week high of $1,139.50 an ounce in the previous session. Platinum was down 0.2pc at $870.50 an ounce, after hitting its highest since June 25 at $877.50 an ounce on Wednesday.

Published in Dawn, November 9th, 2018

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