LONDON: Gold prices declined and lost as much as 1 percent as the dollar firmed after the Federal Reserve signalled it was on track to lift interest rates this year.
The Fed said the U.S. economy was expanding “at a solid pace”. It reiterated, however, that it would be “patient” in deciding when to increase benchmark borrowing costs from zero.
Gold had been boosted by increased central bank liquidity and low interest rates in the years after the 2008 credit crisis. The prospect of higher U.S. rates could encourage investors to withdraw money from the metal, a non-interest-bearing asset.
Spot gold fell to a session low of $1,271.55 an ounce in earlier trade and was down 0.7 percent at $1,275.70. Gold had hit a five-month high of $1,306.20 on Jan. 22, before retreating on stronger risk appetite after the European Central Bank announced liquidity measures.
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