Gold falls as Fed’s Yellen points to rate hike; dollar jumps

Gold eased on Friday, on course for its first weekly decline in four weeks, after US Federal Reserve Chair Janet Yellen said she expected an interest rate hike this year.

The dollar extended gains following the speech, after initially climbing on a stronger-than-expected rise in US core consumer prices in April.

Spot gold, higher initially, fell 0.1 per cent to $1,204.72 an ounce by 3 p.m. EDT (1900 GMT). It was down 1.6 per cent for the week. US gold futures for June delivery

were little changed, settling down 10 cents at $1,204 an ounce.

Silver was down 0.6 per cent at $17.02 an ounce, heading for a 2.6 per cent weekly fall. Platinum dropped 0.9 per cent to $1,141.74 an ounce and palladium fell 0.7 per cent to $783.50 an ounce.

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Posted in: Indian Market Tips