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Shanghai spot gold prices drop in morning session
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SPOT gold prices in Shanghai were poised to drop for a third straight day as the US dollar strengthened and the possibility that American interest rates may rise earlier than expected.
The spot contract for gold of 99.99 percent purity on the Shanghai Gold Exchange retreated 3.62 yuan (59 US cents) this morning to 528.11 yuan per gram while tracking losses in the global market after news broke of a possible interest rate hike in the US.
Global spot gold prices fell to near a four-week low below US$1,300 an ounce yesterday.
Sean Callow, senior strategist as Australia-based bank Westpac, said in an e-mailed report this morning: “The first leg of Fed Chair (Janet) Yellen’s semi-annual testimony to Congress produced whippy (stock) trading for a while before the US dollar and US yields emerged slightly higher. Gold was smacked again while US equities emerged nearly flat, not fazed by sharp losses in Europe.”
Yellen said labor markets in the US are far from healthy, however one thing that might prompt the central bank to raise rates earlier or faster is if hiring and wages take off unexpectedly.
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