Gold today extended the biggest slump in eight weeks after a drop in US jobless claims backed the case for the Federal Reserve to raise interest rates.
Gold fell 0.3 per cent to $1,180.26 an ounce. It slid 1.7 per cent on Thursday, the most since March 6.
The metal all but erased April’s gains on Thursday when a report showed applications for jobless benefits declined to a 15—year low.
Meanwhile, bullion had climbed to a three—week high on April 28 as economists pushed back expectations for when the Fed will raise rates amid mixed US economic data.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.