Gold hits 3-week low on Federal Reserve
Cash gold hits as low as $1,325.34 an ounce
Singapore: Gold hit its weakest in three weeks on Thursday, as the US dollar jumped on expectations that the Federal Reserve could end its bond-buying programme this fall.
Janet Yellen, speaking at her first news conference as the Fed chief after the close of the US Central Bank's two-day policy meeting, said 'The Fed could start to raise interest rates around six months after its current asset purchase programme ends.'
Cash gold hit as low as $1,325.34 an ounce, the weakest since February 28, and stood at $1,328.84 by 0012 GMT, down $2.00. US gold for April delivery fell $11.90 an ounce to $1,329.40, having earlier hit $1,326.10, its lowest since end-February.
India has allowed five domestic private sector banks to import gold, in what industry officials say could be a significant step towards easing of tough curbs on the metal imposed last year to cut the country's trade deficit.