Gold
futures had the biggest three-day loss since early November as the
dollar climbed and traders increased bets that the Federal Reserve will
tighten U.S. monetary policy this year.
The
Bloomberg Dollar Spot Index gained for a second day, reducing the
appeal of commodities including gold that are priced in the U.S.
currency. Traders are betting there’s a 52 percent chance that U.S.
policy makers will raise interest rates by June, up from 6 percent a
month ago, according to Fed-fund futures.
Greater
stability in financial markets after monetary intervention by central
banks could ease the Fed’s path to raising rates, hurting gold prices
because the metal doesn’t pay interest. While the Bank of Japan
refrained from bolstering monetary stimulus at its meeting Tuesday after
a surprise move to adopt negative rates in January, it reiterated it
could loosen policy if needed. The European Central Bank last week
announced unprecedented easing.
Gold
futures for April delivery fell 1.1 percent to settle at $1,231 an
ounce at 1:48 p.m. on the Comex in New York, taking losses in the past
three sessions to 3.3 percent, the biggest such decline for a
most-active contract since Nov. 2.
Source : Bloomberg
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