#Gold Slides To 3-Month Low
Bengaluru: Gold fell to its lowest in over three months early on Monday as the dollar hit a one-month high against the yen after US Federal Reserve chief Janet Yellen said the central bank could raise interest rates in the coming months.
-Spot gold had dropped 0.5 percent to $1,205.70 per ounce by 0044 GMT. Bullion touched a low of $1205.50 earlier in the session, its lowest since Feb. 22.
-U.S. gold was down 0.7 percent at $1,205.50.
-The Fed should raise 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 increase in June or July.
-This week will provide investors with clues as to how far the Fed is from its next interest rate hike and whether the European Central Bank will see out the year without easing its monetary policy again.
-The dollar hit a one-month high against the yen early on Monday and stood tall against other peers after Yellen’s comments.