Bengaluru — Gold prices posted a six-month low on Thursday, pressed down further by a firm dollar and as the US Federal Reserve confirmed an outlook for higher interest rates in the US. Spot gold fell 0.2% to $1,265.72/oz by 3.43am GMT. It hit its lowest since December 21 at $1,264.21 earlier, having lost nearly 2.8% over the past five sessions. US gold futures for August delivery were down 0.5% at $1,267.50/oz. "Precious metal [gold] is firmly in a downtrend and this is mainly due to the strength in the dollar index which is trading at a significant level," said ThinkMarkets chief market analyst Naeem Aslam. The dollar held near an 11-month high against a basket of currencies on Thursday, supported by a rise in US yields, while the pound struggled at its lowest level since November 2017 ahead of Bank of England’s (BoE’s) monetary policy decision. A stronger greenback makes dollar-denominated gold more expensive for holders of other currencies. The dollar strength follows a remark f...
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