Gold
fell, extending the biggest weekly loss since April, as prospects for
the first U.S. interest rate rise since 2006 helped to push the dollar
to a one-month high. Silver, platinum and palladium declined.
Bullion
for immediate delivery lost as much as 0.3 percent to $1,202.95 an
ounce and traded at $1,203.45 at 8:54 a.m. in Singapore, Bloomberg
generic pricing showed. The metal dropped 1.5 percent last week, the
most since the period to April 24.
Federal
Reserve Chair Janet Yellen still expects to raise rates this year if
the economy meets her forecasts. Inflation is moving toward the Fed’s 2
percent target after a report on Friday showed core consumer prices
climbed 0.3 percent in April, the biggest gain in two years. While a
pickup in inflation can boost demand for bullion as a hedge, higher
borrowing costs cut the allure of the metal, which generally only
provides returns through price gains.
The
Bloomberg Dollar Spot Index rose as much as 0.2 percent to 1,181.92 on
Monday, the highest since April 27. The gauge rallied 2.6 percent last
week, the most since September 2011.
Gold
for August delivery traded at $1,203.80 an ounce on the Comex in New
York from $1,204.90 on Friday. Most-active prices declined 1.7 percent
last week. Silver for immediate delivery fell 0.3 percent to $17.0583,
dropping for a second day.
Source: Bloomberg
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