LONDON: Gold fell to a seven-week low on Wednesday after upbeat US home sales data in the previous session boosted expectations that the US Federal Reserve will press ahead with interest rate hikes in the near term.
Spot gold was down 0.5 percent at $1,220.41 an ounce at 1415 GMT, off an earlier low of $1,217.25. US gold futures for June delivery were down $8.20 at $1,221.00.
Among other precious metals, silver was up 0.8 percent at $16.33 an ounce, after dipping to a five-week low of $16.14 earlier in the session. Palladium was down 0.5 percent at $528.50 an ounce, off a 12-week low of $520.60 reached earlier in the day.
Spot gold was down 0.5 percent at $1,220.41 an ounce at 1415 GMT, off an earlier low of $1,217.25. US gold futures for June delivery were down $8.20 at $1,221.00.
Among other precious metals, silver was up 0.8 percent at $16.33 an ounce, after dipping to a five-week low of $16.14 earlier in the session. Palladium was down 0.5 percent at $528.50 an ounce, off a 12-week low of $520.60 reached earlier in the day.
