Gold Hits 1-Week Low

Gold prices fell further on Wednesday and hit a one-week low as the dollar steadied after a recovery from last week’s three-year low, while investors awaited the minutes of the US Federal Reserve’s last policy meeting for clues on the pace of interest rate hikes this year, Reuters reported. Spot gold had slipped by 0.2% to $1,326.37 an ounce and was down for a fourth straight session. Earlier in the day, prices touched the lowest since Feb. 14 at $1,325.31 an ounce. US gold futures were down 0.2% at $1,328.5 per ounce. The dollar index , which measures the greenback against a basket of currencies, was up 0.1% at 89.828, after hitting a one-week high of 89.857. It hit a three-year low of 88.253 on Feb. 16. “Gold is tracking the movement in dollar... The absence of Chinese buyers from the market is further pressurizing the yellow metal’s prices,” said Ronald Leung, chief dealer at Lee Cheong Gold Dealers in Hong Kong. Investors are looking forward to the minutes of the Fed’s Jan. 30-31 policy meeting for any signs of a hawkish tone.