Gold prices inched
down on Monday after robust U.S. jobs data late last week potentially increased
the chances of more U.S. interest rate hikes this year.
Spot gold had dipped
0.2 percent to $1,330.60 per ounce by 0257 GMT.
Spot gold on Friday
declined 1.2 percent, its biggest one-day fall since Dec. 7. Last week, the
metal saw its largest weekly decline since the week-ending Dec. 8.
U.S. gold futures were
down 0.3 percent at $1,333.30 per ounce.
"We have a bearish outlook for gold ... and
yield-chasing behaviour and a rosy economic outlook should pressure the yellow
metal lower," said OCBC analyst Barnabas Gan.
"The higher interest rate environment will
actually fuel further risk-taking and is not
good for gold.
Read More:- Gold Market Status
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