Business

Gold slips

Latest Update: November 23, 2016 | 117 Views
gold

LONDON: Gold fell on Tuesday after US equities hit all-time highs on market expectations for higher growth and more spending from a Donald Trump presidency.

Trump’s victory in the Nov 8 US election initially saw a flight to safe-haven assets such as gold but the trend reversed as the dollar and bond yields surged on expectations of higher US spending and interest rates.

Spot gold was down 0.3 per cent at $1,210.37 an ounce by 1517 GMT. The previous day, bullion advanced 0.4pc to snap three sessions of losses.

US gold futures were flat at $1,210.64 per ounce, after rising as high as $1,220.90.

Silver rose 1.2pc to $16.79 an ounce and platinum was 0.8pc higher at $942.50. Palladium was up 0.7pc at $733.48, after touching its strongest since Aug. 10 at $742.20.

AFP