Singapore - Saba:
Gold fell to its lowest level in eight weeks on Thursday after falling for the fifth consecutive session, weighed down by the strong dollar and rising Treasury yields, amid uncertainty about the pace of interest rate cuts by the Federal Reserve (US central bank).
Gold in spot transactions fell 0.6 percent to $ 2559.39 an ounce, after hitting its lowest level since September 19 earlier in the session. US gold futures fell 0.9 per cent to $2564.00.
The dollar rose to the highest level in a year, making gold more expensive for buyers in other currencies. US Treasury yields increased to the highest level since July.
Data released yesterday showed that US consumer prices rose as expected in October.
In other precious metals, silver in spot trading fell 0.9 percent to $30.05 an ounce, its lowest level since September 19.
Platinum fell 0.5 percent to $933.10. Palladium fell 0.8 percent to $925.75.
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