Gold falls below $1200 for 1st time in more than 3 Months
Singapore - QNA
Gold fell below $1,200 for the first time in more than three months on Monday, as the dollar hit its highest since end-April against the yen after US Federal Reserve chairwoman Janet Yellen said the central bank should raise interest rates.
The Fed should increase interest rates "in the coming months" if the economy picked up as expected and jobs continue to be generated, Yellen said on Friday, bolstering the case for a rate hike in June or July.
Gold fell 0.8% to $1,202.80/oz at 3.13am GMT, after earlier touching $1,199.60, its lowest since February 17.
US gold was down about 1% at $1,202.20.
Among other precious metals, spot silver and spot platinum touched seven-week lows. Silver was down 1.5% at $15.98/oz, having hit $15.88 earlier in the day, matching an April 14 low. Platinum fell as low as $964/oz, its lowest since April 11. Palladium fell as much as 1.3% to a $529.50.