Gold slides to over 3 month low as dol­lar soars

The Pak Banker - - MARKETS/SPORTS -

BEN­GALURU: Gold fell be­low $1,200 for the first time in more than three months on Mon­day, as the dol­lar hit its high­est since end-April against the yen af­ter US Fed­eral Re­serve chief Janet Yellen said the cen­tral bank should raise in­ter­est rates.

The Fed should in­crease in­ter­est rates "in the com­ing months" if the econ­omy picks up as ex­pected and jobs con­tinue to be gen­er­ated, Yellen said on Fri­day, bol­ster­ing the case for a rate hike in June or July. Gold was down 0.9 per­cent at $1,201.41 per ounce as of 0634 GMT, af­ter ear­lier touch­ing $1,199.60, its low­est since Feb. 17.

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