Gold languishes near five-week low
Bullion sags as the dollar firms and global equity markets hold near a five-month crest, making bullion less appealing for investors
Bengaluru — Gold prices held close to a more than five-week low on Tuesday as the dollar firmed and global equity markets held near a five-month crest, making bullion less appealing for investors. Spot gold fell 0.1% to $1,284.63/oz by 10.54am GMT, close to its lowest since January 25 at $1,282.50, hit in the previous session. US gold futures fell 0.2% to $1,285.50. The dollar stood within striking distance of a two-week high against peers on uplifting signs from the US economy and higher treasury yields. “We have seen some signs of dollar strength sapping the appetite [for gold],” said Saxo Bank analyst Ole Hansen. “We have had such a strong rally [in gold] since last August and now we are having the first major setback. That has attracted some profit-taking and long liquidations both in futures and exchange-traded funds.” Gold prices have fallen nearly 5% since hitting a 10-month high of $1,346.73 on February 20. The primary driver to gold’s downward momentum of late are expectati...
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