Gold falls on higher dollar

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LONDON: Gold fell on Friday, as the dollar and shares rose, but fund buying persisted as investors expected a G20 summit would produce little in the way of a coordinated stimulus programme.

Financial leaders from G20 nations gathered in Shanghai against a backdrop of worsening economic conditions and a lack of wider consensus on how to fix the problems. Spot gold was down 0.5 per cent at $1,227.06 an ounce by 1456 GMT.

“The increase in price this year has been supported by physical purchases, very strong in the funds and concerns are more global in nature, with increasing probability that there will be a recession in the US,” Julius Baer analyst Warren Kreyzig said.

Platinum dropped to a three-week low of $912.84 an ounce, while silver fell 1.7pc to $14.92 an ounce.

Palladium rose 1.1pc to $485.90 an ounce, but remained near a six-week low reached in the previous session.

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