Gold declines as stronger dollar curbs demand before US data

Gold today fell for the fourth time in five days as the dollar strengthened on speculation an improving US economy will prompt the Federal Reserve to raise interest rates.



Gold fell by 0.8 per cent to $ 1,198.46 an ounce and silver by 0.8 per cent to $ 16.34 an ounce. Platinum fell 1.1 percent to $ 1,160 an ounce.



The Bloomberg Dollar Spot Index climbed to a three-week high before data on Tuesday forecast to show US retail sales rose by the most in a year, bolstering the case for higher borrowing costs.



Rising rates curb gold’s appeal because the metal generally only offers returns through price gains.



Meanwhile, Fed policy makers were split at last month’s meeting on when to begin raising rates.



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Posted in: Indian Market Tips