Gold falls as China rate cut boosts stocks; palladium sinks

Gold fell more than 1 per cent on Tuesday after an interest rate cut from China helped global markets rebound from the previous day’s rout, with stocks rallying and the dollar also gaining, while palladium sank more than 7 per cent to a five-year low.

Bullion extended losses after data showed US consumer confidence hit a seven-month high in August. This suggested underlying strength in the economy that could still allow the Federal Reserve to raise interest rates this year.

Spot gold was down 1.3 per cent at $1,139.85 an ounce at 13:05 p.m. (1905 GMT), while US gold futures for December delivery settled down 1.3 per cent at $1,138.30.

Spot palladium fell as much as 7.4 per cent to $528.50 an ounce, the lowest since September 2010.

Platinum was down 1.5 per cent at $972.75 an ounce, while silver was down 0.9 per cent at $14.65 an ounce.

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Posted in: Indian Market Tips