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Precious metals decline on dollar

Moscow - Precious metals fell back from their biggest weekly gain in about two months as the dollar stabilized after loses last week driven by the Federal Reserve cutting its outlook for rate increases.

Silver, platinum and palladium all sank at least 1%, with gold down 0.2% at $1 334.38 an ounce by 10:09 in London, according to Bloomberg generic pricing. An index of the dollar against major peers was little changed after last week’s biggest weekly drop in a month.

The "dollar a little firmer, no follow through buying from Friday, creates a bit of disappointment in the metals and hence the selling," David Govett, head of precious metals trading at Marex Spectron Group in London, said by e-mail.

Precious metals also pared last week’s gains before a political debate on Monday between US presidential nominees Hilary Clinton and Donald Trump, with the two running neck-and-neck in the latest Bloomberg Politics national poll.

Gold may be in for a bumpy ride in the final quarter with Trump rising in the polls and the chance of an interest-rate increase, Citigroup Inc. warned.

Platinum and silver slid 1.3% and palladium 1.2%.

In other markets news:

Gold assets in exchange-traded funds were little changed at 2 030.6 metric tonnes on Friday after rising the previous day to a more than two-week high, data compiled by Bloomberg show.

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Rand - Dollar
18.88
+0.3%
Rand - Pound
23.85
+0.2%
Rand - Euro
20.37
+0.3%
Rand - Aus dollar
12.31
+0.3%
Rand - Yen
0.12
+0.3%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
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