Gold dropped for a
second day after Federal Reserve Chair Janet Yellen said that she
expects interest rates to rise this year in the world’s biggest economy,
boosting the dollar for a third day. Silver retreated.
Bullion for immediate
delivery fell as much as 0.2 percent to $1,195.91 an ounce and was at
$1,197.50 at 8:44 a.m. in Singapore, according to Bloomberg generic
pricing. While the metal lost 0.5 percent on Friday to snap the longest
run of gains since 2012, it is still set to post the first quarterly
rise since June. Gold in Shanghai dropped for a second day.
Gold rose to a
three-week high on March 26 as Saudi Arabia headed a coalition of 10
Sunni-led nations attacking Shiite rebels in Yemen, spurring haven
demand on concern the conflict may disrupt oil supplies. Yellen said
Friday that she expects the central bank to raise rates this year, and
that subsequent increases will be gradual without following a
predictable path. Short holdings in gold climbed for a seventh week to a
record, Commodity Futures Trading Commission data showed.
Gold for June delivery
lost 0.3 percent to $1,196.80 on the Comex. Bullion of 99.99 percent
purity lost 0.3 percent to 239.80 yuan a gram ($1,200.10 an ounce) on
the Shanghai Gold Exchange.
Silver for immediate
delivery dropped 0.2 percent to $16.9194 an ounce and is set to climb
7.6 percent this quarter. Platinum was little changed at $1,136.75 an
ounce, heading for a third straight quarterly loss. Palladium declined
0.3 percent to $739.25 an ounce, set for a quarterly drop.
Source : Bloomberg
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