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Gold falls 2pc

Gold falls 2pc

LONDON: Gold slid as much as 2 per cent on Monday as the dollar rallied and investors flocked to riskier assets after the resumption of trade talks between the United States and China.

Spot gold fell 1.1 pc to $1,393.59 per ounce at 10:54 am EDT (1458 GMT), after falling to its lowest since June 20 at $1,381.51. US gold futures dropped 1.2 pc to $1,396.60.

A break below $1,350 could paint a bearish picture, he added. The metal has shed about $50 dollars since it broke the $1,400 level but some analysts see it as a healthy correction and an opportunity to buy.

Meanwhile, holdings of the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.22pc on Friday.

Among other precious metals, silver fell 0.33 pc to $15.26 per ounce, while palladium rose 0.93 pc to$1,552.25.