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Gold steadies after biggest tumble since 2016

Reuters  |  LONDON 

By Peter HobsonLONDON (Reuters) - Gold prices steadied on Wednesday after falling to their lowest since December as the dollar rallied to 2018 highs and U.S. bond yields sat near multi-year peaks.The metal had suffered its biggest single-day loss since November 2016 when it fell 1.7 percent on Tuesday after strong U.S. retail sales data sent the dollar and yields soaring.Gold's declines were accelerated by technical selling as it crashed below its 200-day moving average and the psychologically significant $1,300-an-ounce mark.Spot gold was flat at $1,289.86 an ounce by 1417 GMT, having gone ...

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First Published: Wed, May 16 2018. 20:00 IST