Gold hits near 5-week low

Latest Update: August 30, 2016 | 165 Views

LONDON: Gold slid to a near five-week low on Monday after comments from top Federal Reserve officials fuelled speculation that US interest rates would rise sooner rather than later, boosting the dollar.

Spot gold touched its lowest since July 26 at $1,314.70, and was down 0.1pc at $1,319.80 an ounce at 1345 GMT.

US gold futures for December delivery were down $2.60 an ounce at $1,323.30.

Silver was little changed at $18.61 an ounce, having earlier touched its lowest in more than eight weeks at $18.36 an ounce.

Platinum, the biggest faller among the major precious metals last week, increased 0.4pc at $1,072 an ounce.

Palladium was up 0.5pc at $688.60 an ounce.



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