Gold retreated for the third session in a row on Thursday after comments from Federal Reserve officials suggested that a rate increase in June remained on the caards despite recent weak data Bullion pulled further away from a seven-week high reached on Monday that was spurred by hopes the Fed would delay a rate rise after last week's disappointing US jobs data.
A US interest rate increase, which would be the first in nearly a decade, dims the appeal of non-interest-yielding assets such as gold.
"The near-term outlook for gold looks weak, with the path of least resistance lower," said HSBC analyst James Steel.
Spot gold was down 0.5 percent at $1,196.30 an ounce at 0657 GMT after hitting a session low of $1,192.30. Bullion touched $1,224.10 on Monday, its highest since February 17.
Comments
Comments are closed.