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Gold trades near one-month low as resurgent dollar hurts demand
[NEW YORK] Gold traded near the lowest level in almost a month as the dollar climbed, hurting demand for the metal as an alternative investment asset.
Bullion for immediate delivery was at US$1,221.98 an ounce at 8.59 am in Singapore, from US$1,220.11 on Wednesday, when it tumbled as much as 2.6 per cent to US$1,215.43, the lowest price since Feb 26, according to Bloomberg generic pricing.
Gold's rally this year has been cut to 15 per cent as the dollar advances on the back of renewed expectations for Federal Reserve tightening.
On Wednesday, Fed Bank of St Louis President James Bullard joined a growing chorus of policy makers emphasizing that rates may rise as soon as April. Higher rates damp the appeal of bullion as it doesn't pay interest.