Gold
prices traded little changed slipped as prospects for the first U.S.
interest rate increase since 2006 helped to push the dollar to a
one-month high. Silver and palladium declined.
Federal
Reserve Chair Janet Yellen said she expects to raise rates this year if
the economy meets her forecasts. Inflation is moving toward the Fed’s 2
percent target, with a report on Friday showing that core consumer
prices climbed 0.3 percent in April, the biggest gain in more than 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 provides returns only through price gains.
Bullion
for immediate delivery rose less than 0.1 percent to close at $1,206.60
an ounce at 5 p.m. New York time, Bloomberg generic pricing showed. The
metal dropped 1.5 percent last week, the most since the period to April
24.
Gold
futures for August delivery gained 0.2 percent to $1,207.60 an ounce on
the Comex in New York. Aggregate trading was 70 percent below the
100-day average for this time, according to data compiled by Bloomberg.
The
Bloomberg Dollar Spot Index, a gauge of the greenback’s strength
against 10 major counterparts, rose as much as 0.2 percent to the
highest since April 27. The measure advanced 2.6 percent last week, the
most since September 2011.
Silver
for immediate delivery climbed 0.4 percent to $17.1775 an ounce.
Platinum added 0.5 percent to $1,151.75 an ounce, while spot palladium
fell 0.2 percent to $788.70 an ounce.
Source : Bloomberg
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