Gold futures fell for
the fifth time in six sessions as the dollar strengthened amid signs of
an improving U.S. economic outlook, diminishing demand for the metal as a
store of value.
The Bloomberg Dollar
Index rebounded from the weakest since October. Traders are pricing in a
52 percent chance that the Federal Reserve will raise rates by June, up
from 6 percent a month ago, according to Fed fund futures data compiled
by Bloomberg. Higher rates hurt demand for gold, which becomes less
competitive against interest-bearing assets.
Bullion has risen 17
percent this year as concerns that a slowdown on China would spread
globally boosted the metal’s appeal as a haven. Traders are reassessing
Fed rate expectations amid improvements in hiring and manufacturing in
the U.S. Citigroup Inc.’s Economic Surprise Index, which measures data
performance relative to market expectations, rose to the highest in
almost four months.
Gold futures for April
delivery slid 1.1 percent to settle at $1,245.10 an ounce at 1:41 p.m.
on the Comex in New York. Prices fell for a third straight year in 2015,
as investors awaited the first increase in borrowing costs in almost a
decade, which came in December.
Source : Bloomberg
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