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10 Mar 2015

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Gold loses safe haven appeal

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Singapore - Gold prices have swung into defensive mode on fresh signs of resurgence in the US economy, wilting the metal's safe haven appeal. Traders foresee further downside potential as stronger-than-expected economic data argues for an earlier rise in US interest rates.

One major indication of gold's increased sensitivity to US statistics was the metal's slump on Friday to $1 163 per ounce, its lowest price in three months, after the labour department released data showing non-farm payrolls grew more than expected in February.

READ: Gold struggles near three-month low

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