Gold dropped for a second straight session on Monday, slipping further from a three-week high, as the dollar climbed after Federal Reserve Chair Janet Yellen signaled the US central bank may be on course to raise interest rates later this year.
Bullion may be set to give up recent gains fueled by the Fed’s March policy statement that it was prepared to move more slowly in hiking US rates than the market expected. The metal rose for seven consecutive sessions after the Fed’s meeting this month in its longest rally since 2012.
Spot gold fell as much as 1 per cent to $1,186.75 an ounce and was off 0.9 per cent at $1,188.65 by 0732 GMT. It touched $1,219.40 on Thursday, its loftiest since March 2.
Bullion is headed for a second consecutive monthly drop in March as a looming US rate hike dims the appeal of a non-interest bearing asset.
US gold for April delivery dropped 1 per cent to $1,187.90 per ounce as the dollar rose against the euro and a basket of major currencies.
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