Singapore: Gold edged down on Monday, hovering within sight of its lowest in two months on a firmer US dollar and speculation of an eventual increase in U.S. interest rates, which could hurt the metal's appeal as a hedge against inflation.
Fundamentals
Spot gold had slipped 0.27 per cent to $1,277.39, having lost about 2 per cent last week. US gold was untraded. CME Group said on Monday it had stopped nearly all trading on its Globex platform as a result of a technical problem, delaying the opening of the overnight session. Pressure is building within the Federal Reserve for officials to move as early as next month to more clearly acknowledge improvements in the US economy and lay the groundwork for the central bank's first interest rate hike in nearly a decade.
China's planned global gold exchange has signed up more members than targeted, as foreign banks and trading houses seek direct access to the world's top physical gold consumer and to test out reforms allowing them to trade commodities in the yuan currency.
Ukraine marked its independence day on Sunday with a military march-past in Kiev intended to send a message of defiance to Russia, but pro-Moscow rebels countered by parading captured Ukrainian troops through the streets of their main stronghold.
