Gold hits one-week low

bengaluru — Gold slid to a oneweek low on Thursday as the dollar firmed in the wake of the US midterm elections, with market participants now awaiting clues on the pace of interest rate hikes from the US Federal Reserve.

The metal is on track to post a fifth straight session of losses, hurt more broadly by a recovery in investor appetite for nominally higher-risk assets like stocks.

Spot gold was down 0.1 per cent at $1,224.82 per ounce at 1225 GMT, after touching its lowest since November 1 at $1,221.10 earlier in the day. US gold futures fell 0.2 per cent to $1,225.70 per ounce.

The dollar’s recovery ahead of the Fed meeting is pressuring gold, ABN AMRO analyst Georgette Boele said, while technical factors are also weighing. —