Singapore - Gold’s feeling the strain. Bullion’s being tugged back down toward $1 200 an ounce in the worst losing run since October as positive US economic data reinforce expectations that interest rates will probably be raised several times this year, starting with a hike next week.
Bullion for immediate delivery lost as much as 0.4% to $1 203.98 an ounce, the lowest level since February 1, and traded at $1 204.39 at 08:47, according to Bloomberg generic pricing. It’s lower for a fourth day, while yields on 10-year Treasuries up for a ninth session.
The precious metal has been thrown onto the defensive after Federal Reserve officials including Chair Janet Yellen talked up the chances of tightening, boosting the odds of an imminent hike and recasting expectations for further moves over the course of the year.