Gold hits 5½ months’ low

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Gold hits 5½ months’ low LONDON: Gold fell more than one per cent to a 5½-month low on Monday, as the dollar and Treasury yields strengthened on expectations that President-elect Donald Trump will boost US spending.

Spot gold hit its lowest since June 3 at $1,211.08 an ounce and was down 1.1pc at $1,211.79 by 1519 GMT.

US gold futures were also down 1.1pc at $1,210.40 an ounce. The dollar rose to an 11-month high against a basket of major currencies.

SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.76pc to 934.56 tonnes on Friday.

Silver fell 3.3pc to its lowest since June at $16.75 an ounce, tracking gold’s downside. Platinum was down 1.3pc at $928, while palladium rose 1.8pc to $682.22 an ounce.

Source: http://www.dawn.com/news/1296365/gold-hits-5-months-low

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