Gold
fell to a three-month low on Tuesday, pressured by the dollar's rise to
its highest in nearly 12 years and renewed expectations of a midyear
interest rate increase in the United States.
Spot
gold dropped to its lowest since Dec. 1 at $1,155.60 an ounce in early
trading and was down 0.4 percent at $1,161.55 by 2:09, while U.S. gold
for April delivery settled down $6.40 an ounce at $1,160.10.
Platinum
fell to its lowest since July 2009 at $1,124 an ounce. The metal has
dropped 6.3 percent since the start of the year on expectations of lower
demand from the automotive sector and higher mine supplies.
The
dollar climbed to its highest since September 2003 against a basket of
major currencies, making gold more expensive for holders of other
currencies.
Investor
positioning indicated a bearish outlook. Holdings of SPDR Gold Trust,
the world's largest gold-backed exchange-traded fund, fell 0.43 percent
to 753.04 tonnes on Monday.
Source: Reuters
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