Gold futures fell for a second month in March, leading to a decline for the first quarter.
Futures
traded mostly little changed on Tuesday, ending the day with a 0.2
percent loss after Federal Reserve Bank of Richmond President Jeffrey
Lacker said there is a strong case to be made that interest rates should
rise in June. Higher rates boost the appeal of assets with better yield
prospects such as bonds and equities, while cutting the allure of gold,
which generally offers returns only through price gains.
The
metal fell 0.1 percent in the first quarter, a third straight slide. A
statement from the U.S. central bank that showed policy makers cut their
outlook for borrowing costs at the end of 2015 spurred a seven-session
rally for gold futures through March 26. The gains fizzled after Fed
Chair Janet Yellen the next day reiterated an outlook for tightening
this year. The dollar climbed for a ninth consecutive month against a
basket of 10 peers, curbing gold’s appeal as an alternative.
Gold
futures for June delivery fell $2.10 to settle at $1,183.20 an ounce at
1:49 p.m. on the Comex in New York, posting a 2.5 percent drop for
March.
Assets
in exchange-traded products backed by the metal fell by 56.6 metric
tons in March to 1,620.15 tons as of Monday, data compiled by Bloomberg
show. The monthly drop was on pace to be the largest since December
2013.
Silver
futures for May delivery dropped 0.5 percent to $16.598 an ounce. This
quarter, the metal climbed 6.4 percent, the most since June.
Platinum
futures for July delivery added 2.3 percent to $1,143.40 an ounce on
the New York Mercantile Exchange. Prices still posted a third straight
quarterly loss, the longest streak since 2011. Palladium futures for
June delivery climbed 0.9 percent to $735.30 on Tuesday.
Source: Bloomberg
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