Gold Prices Drop over 1%
Singapore, April 28 (QNA) – Gold prices dropped more than 1 percent on Monday amid easing US-China trade tensions, while a stronger dollar also piled on the pressure.
Spot gold was down 1.4 percent at $3,272.89 an ounce. Bullion hit a record high of $3,500.05 on April 22.
US gold futures eased 0.4 percent to $3,283.70. The US dollar rose 0.3 percent against a basket of currencies, making bullion more expensive for overseas buyers.
The Trump administration signalled openness last week to de-escalating a trade war between the world”s two largest economies that has raised fears of recession.
Among other metals, spot silver dropped 1.2 percent to $32.70 an ounce, platinum eased 0.6 percent at $965.70 and palladium lost 1 percent to $939.00. (QNA)
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