Gold prices ticked lower on Thursday as easing concerns about the global banking system fed risk appetite and curbed some safe-haven bullion bids.
Spot gold was down 0.2% at $1,960.52 per ounce falling for a second session. US gold futures slipped 0.4% to $1,977.00.
Gold rose above the $2,000 mark after the sudden collapse of two US lenders earlier this month, but has since ceded gains as authorities stepped in with rescue measures, including UBS’ takeover of ailing Credit Suisse and First Citizens BancShares’ deal to buy failed Silicon Valley Bank.
The opportunity cost of holding non-yielding gold rises when interest rates are increased to bring down inflation.
Spot silver eased 0.1% to $23.32 per ounce, platinum fell 0.2% to $965.51 and palladium edged up 0.1% to $1,440.61. (QNA)
Source: Qatar News Agency