(MENAFN- ProactiveInvestors - N.America) Gold was heading for its worst week this year so far as investors digested comments from a trio of Fed officials that US interest rates may rise sooner than expected.
Spot gold slid to US$1220 having been threatening US$1290 just a fortnight ago. According to James Chen at spread bet firm City Index the comments from the Fed trio have now offset the surprisingly dovish last meeting of the Federal Reserve. Rising interest rates lead to an increase in demand for the dollar and as gold is denominated in dollars there exists an inverse correlation between the two he said. From a technical perspective Chen adds gold could have further to fall if it breaks down below the current support. 'Further losses could push the price back down towards progressively lower support levels at $1190 $1170 and $1140.' Shortly after trading got underway in the US silver was up a few cents at US$15.29 while platinum was flat at US$956. Dalradian pushes ahead Dalradian Resources Inc (LON:DALRTSE:DNA) bucked the lower gold trend as it revealed solid progress with its gold mine development in Ulster. Patrick Anderson chief executive said: "Curraghinalt is one of a handful of quality gold development projects that is being progressed toward production. 'We remain on-track to submit a planning application in the second half of this year to build a low-cost high-grade gold mine with cash of $43mln at the end of 2015' he said. A update for the measured and indicated resource on the back of recent in-fill drilling is due by end April. Major share price moves
Randgold Resources up 0.1% to 6395p
Fresnillo down 2% to 927p
Anglo American down 5% at 496p
Dalradian Resources up 4% to 51p
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.