Spot gold and US bullion futures dropped more than 1% this morning as the US dollar gained after the Federal Reserve said it was raising the interest rate charged to banks for emergency loans.
Spot gold hit an intraday low of $1,098.55 an ounce, before retreating to current level of $1,105.10 ounce, down over 1% compared with New York’s notional close of $1,117.70.
Comex April gold futures slipped below $1,100 an ounce in active trade. The contract was last trading below $1,105.90 per ounce.
Gold was on the decline since the International Monetary Fund said on Wednesday that it would sell part of gold in the open market under a programme launched last year to boost its resources.
The world's largest gold-backed exchange-traded fund, the SPDR Gold Trust, said its holdings stood steady at 1,109.42 tonnes as of February 17 from the previous day.
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