PRECIOUS-Gold slips to 4-month low on stronger dollar, stocks

* Gold down practically 6 pct from Feb highs

* Silver drops to close Four-month low

* Platinum off 2-week highs hit within the earlier session

* GRAPHIC-2019 asset returns: tmsnrt.rs/2jvdmXl (Updates costs)

By Brijesh Patel

April 23 (Reuters) – Gold costs fell to a close to four-month low on Tuesday because the U.S. greenback gained and traders sought out riskier property, dampening the safe-haven steel’s attraction.

Spot gold was down zero.2 p.c at $1,271.75 per ounce as of 12:35 p.m. EDT (1635 GMT), after falling to its lowest since Dec. 26 at $1,265.90 earlier within the session.

U.S. gold futures fell zero.23 p.c to $1,273.90 an oz..

“Gold merchants are on the sidelines due to the energy within the greenback, inventory and bond markets,” mentioned George Gero, managing director at RBC Wealth Administration.

“Gold (market) is taking a again seat, ready for one thing stable like inflation numbers or some political adjustments within the U.S.; till then, costs are anticipated to commerce within the decrease ranges.”

Denting attraction for bullion, the greenback index held close to a three-week excessive as a drop in market volatility boosted demand for riskier property, with larger U.S. bond yields additionally providing assist to the U.S. foreign money.

Additionally, U.S. shares had been buying and selling larger on better-than-expected company outcomes.

“There’s risk-on sentiment, and no flight to security now, even with what occurred in Sri Lanka,” mentioned Phillip Streible, senior commodities strategist at RJO Futures.

Assaults on church buildings and luxurious lodges in Sri Lanka on Sunday killed over 300 folks and wounded greater than 500.

Including to gold’s headwinds are better-than-expected financial readings just lately from each the U.S. and China, contributing to the steel’s decline of about 6 p.c from its 2019 peak touched in February.

Markets are actually awaiting the discharge of U.S. GDP information later within the week for a sign of the energy of the world’s largest economic system.

Analysts and merchants mentioned gold’s break under key assist ranges final week, together with the 100- and 50-day transferring averages, signalled additional draw back for costs.

Indicative of sentiment, holdings of SPDR Gold Belief, the world’s largest gold-backed exchange-traded fund, had been at their lowest since Oct. 26.

In different metals, silver fell 1.1 p.c to $14.82 per ounce, after dropping to its lowest stage since Dec. 26 at $14.71.

Platinum was down 1 p.c, to $886.85 per ounce, having hit a two-week excessive of $911.75 within the earlier session.

Palladium fell zero.Four p.c to $1,380.79 per ounce, after falling as a lot as three.5 p.c within the earlier session. (Reporting by Brijesh Patel in Bengaluru; Enhancing by Marguerita Choy and Bernadette Baum)

Our Requirements:The Thomson Reuters Belief Ideas.

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