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Gold Below $1220 Hurt by Outflows

Gold was stuck near January lows on Tuesday, hurt by outflows from the top bullion backed exchange-traded fund as investors adjust positions in anticipation of higher interest rates in the United States and further strength in the dollar.

Spot gold was little changed at $1,215.56 an ounce by 0032 GMT, not too far from a near nine-month low of $1,208.36 reached in the previous session.  Silver ticked up slightly to $17.75, though still close to a four-year low of $17.30 hit on Monday.

Investors pulled out of SPDR Gold Trust, the top gold-backed exchange-traded fund, for a second day in a row, with the fund’s holdings falling to 1.79 tons to 774.65 tons on Monday – its lowest since December 2008.

CNBC [1]

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