PT. Equityworld Futures – Gold retreated from the highest in almost seven weeks as the dollar strengthened, reducing demand for the metal as an alternative investment.
The greenback headed for the biggest gain since mid-March against a basket of six currencies
A day after a private report showing expansion in U.S. service industries eased concerns on the economy.
Holdings in exchange-traded products backed by gold fell 1.8 metric tons on Monday to 1,618.7 tons, the lowest since Jan. 15, according to data compiled by Bloomberg.
Speculation that an improving U.S. economy is pushing the Federal Reserve closer to raising interest rates for the first time since 2006.
Richmond Fed President Jeffrey Lacker, who suggested on March 31 that the case for boosting rates will remain “strong”
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At the June meeting, said Friday that a report showing slower U.S. hiring didn’t alter his view on policy.
Gold futures for June delivery fell 0.7 percent to settle at $1,210.60 an ounce at 1:44 p.m. on the Comex in New York.
The price reached $1,224.50 on Monday, the highest since Feb. 17, after U.S. payrolls data fell short of economists’ projections in an April 3 report.
Silver futures for May delivery slid 1.6 percent to $16.84 an ounce on the Comex, the second loss in three sessions.
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