Gold
fell to its lowest in a week on Monday as the euro hovered near a
one-month low on fears of policy action from the European Central Bank,
shrugging off safe-haven demand from escalating violence in Ukraine.
Spot
gold eased 0.5 percent to $1,282.50 an ounce by 0028 GMT, after
dropping for two straight weeks. It fell to a one-week low of $1,279.60
earlier in the session.
The
euro has lost more than 1 percent since Thursday when Mario Draghi said
the bank was ready to take action next month should updated inflation
forecasts merit it. A stronger dollar in turn makes bullion more
expensive for holders of other currencies.
Investors
seemed to ignore weekend developments in Ukraine, where pro-Moscow
rebels declared a resounding victory in a referendum on self-rule for
eastern Ukraine, with some saying that meant independence and others
eventual union with Russia as fighting flared in a conflict increasingly
out of control.
Hedge
funds and money managers raised their bullish bets in gold futures and
options for the second time in two weeks, as rising geopolitical
tensions in Ukraine increased bullion's safe-haven appeal, according to
data from the Commodity Futures Trading Commission on Friday.
Source : Reuters
0 komentar :
Post a Comment