London — Gold prices fell to a one-week low on Tuesday on speculation that the eventual successor to US Federal Reserve chairperson, Janet Yellen, will favour higher interest rates. Spot gold was down 0.7% at $1,285.40 an ounce as of 2.17pm GMT, while US gold futures for December delivery slipped 1.2% to $1,286.80 per ounce. "It’s partly [the possibility of a hawkish Fed chair] and that the Fed is going to and needs to hike rates this year that is contributing to a bullish dollar environment," Martin Arnold, commodities analyst at ETF Securities, said. US President Donald Trump was favouring policy hawk John Taylor as the next head of the Fed, Bloomberg reported, pushing the dollar higher and lifting US Treasury yields. Taylor, a Stanford economist, is seen as more likely to raise rates than Yellen, which would boost the dollar and dent gold and US Treasuries. Meanwhile, the US labour department said on Thursday that import prices jumped 0.7% last month, the biggest gain since June ...
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