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Gold hits two month low over US rate rise fears

Gold fell to a two month low on signs the US may raise interest rates sooner than previously expected.

The yellow metal closed at USD 1,275.25 per oz in London, down USD 19.75 from the previous day, following publication of minutes from the most recent US Federal Reserve Open Market Committee meeting.

Kitco’s Jim Wyckoff said that “The Fed officials’ wording that the US labor situation continues to improve fell into the camp of monetary policy hawks, as it hinted the US central bank could move to raise interest rates a bit sooner than many had expected.”

The strength of stock markets and the US dollar also contributed to gold’s fall, with strong returns in the former attracting investors away from the yellow metal.

Gold has been impacted by weak physical and investment demand in recent months, while geopolitical concerns in Ukraine, Iraq and Gaza and weak European economic growth have supported temporary price increases.

Source – Business News Americas

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