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Gold hits fresh 2018 low as rising yields lift dollar

Reuters  |  NEW YORK/LONDON 

By Renita D. Young and Maytaal AngelNEW YORK/LONDON (Reuters) - Gold slid more than 1 percent on Tuesday, falling for a third day to hit its lowest this year as a rise in U.S. borrowing costs pushed up the dollar and overshadowed the impact of strife in Gaza.Downward momentum in gold picked up after the metal broke below support at its 200-day moving average at $1,306 an ounce. That firmly underpinned prices earlier this month. Spot gold lost 1.6 percent at $1,290.91 an ounce by 1:35 p.m. EDT (1735 GMT), earlier hitting its lowest since late December at $1,289.40. U.S. gold futures for June ...

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First Published: Tue, May 15 2018. 23:25 IST
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