Friday, 15 January 2016

Gold eases for second day on uptick in risk appetite

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Gold lost more ground on Friday, falling for five out of six sessions as a rebound in oil and equity markets reduced the precious metal's safe haven appeal. Gold has dropped 2.5 percent this week, its biggest weekly decline since early November. 


* Spot gold slid 0.1 percent to USD 1,076.88 an ounce by 0007 GMT while US gold futures gained 0.3 percent to USD 1,076.8. 

*A bounce in global stock markets and oil prices added pressure on precious metals. 

* The metal hit two-month highs at USD 1,112 last week as volatility in Chinese stocks battered appetite for risk, but trading has since fallen as expectations of further US interest rate increases lowers demand for the non-interest-paying asset. 

* The Fed raised rates in December and attention has shifted to how many hikes will follow in 2016.

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