Gold dropped for a
third day as the dollar stabilized after a slump sparked by the Federal
Reserve paring its interest-rate outlook for 2016.
Bullion for immediate
delivery declined as much as 0.4 percent to $1,250.99 an ounce and was
at $1,251.60 at 9:50 a.m. in Singapore, according to Bloomberg generic
pricing. The metal fell a combined 0.6 percent on Thursday and Friday.
Gold has risen 18
percent this year, buoyed by speculation that the Fed wouldn’t actually
boost rates by the four times that policy makers signaled at the end of
2015. Last week, projections from the central bank implied just two
quarter-point increases this year, sparking a sell-off in the U.S.
currency. Gold was trading lower on Monday following a recovery in the
dollar, according to David Lennox, an analyst at Fat Prophets in Sydney.
Source : Bloomberg
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