• Gold has slipped as the US dollar has strengthened and global shares have clawed their way off two-month lows, though bullion was underpinned by the view that the dollar's bear run remains in place despite rate hike expectations.
• Spot gold dropped 0.9 per cent at $US1,313.67 per ounce by 1.41 pm Wednesday EST (0541 Thursday AEDT), earlier hitting $US1,311.66, its lowest since January 10. US gold futures for April delivery settled down $US14.90, or 1.1 per cent, at $US1,314.60 per ounce.
• "The rising dollar index is continuing to push liquidation in gold and the other precious metals," said Phillip Streible, senior commodities strategist at RJO Futures. "Gold is not always the safe-haven asset, especially when interest rates are rising quickly."
• Gold failed to capitalise this week from the biggest sell-off in six years in global equities as US Treasury yields have recently risen, but bullion, still driven largely by dollar movement, is not poised to unwind.
• "What we are seeing now (on the stock markets) is just a correction, and the dollar is still weakening (longer term)," said Carlo Alberto De Casa, chief analyst at Activtrades.
"I'm expecting gold to remain above $US1,300 in the next few months. The problem for gold would be four (US) rate hikes, but I don't believe (that will happen). At this stage inflation is still under control," he added.
• Traders dialled back bets the US central bank would ratchet up the pace of rate increases on Monday to between two and three hikes from three to four hikes last week, according to interest rates futures. Platinum fell 1.4 per cent at $US975.24 per ounce after earlier touching $US972, its lowest since January 11.
• The platinum/palladium ratio, which has averaged 0.94 over the last six months, had reached 1.0002, putting platinum at a premium over palladium of 18 cents.
• Palladium fell 2.4 per cent at $US983.97 per ounce, having touched $US978.55, its lowest since November 15.
• Spot silver fell 1.7 per cent at $US16.35 per ounce after dropping to $US16.26, its lowest since December 22.
Reference: Business News
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