Spot gold prices slid lower today, shedding gains made in the previous two sessions.
The price of the yellow stuff fell 0.9 per cent to $1,127.94 an ounce in afternoon trading London time, according to data from Bloomberg, after optimistic remarks on the US labour market by Federal Reserve chair Janet Yellen strengthened the possibility of further interest rate hikes next year.
Deadly incidents in the Turkish and German capitals last night failed to spur investors into safe haven buying, which often occurs in times of political turbulence.
Despite picking up to trade above $1,138 an ounce on Monday, the mini-rally has lost steam. However, gold prices are still above the 10-month low of just under $1,233 an ounce the commodity reached last week.
Gold prices have tracked lower since Donald Trump’s surprise victory in the US presidential election last month, as stock markets have been bolstered and made safe havens a less inviting destination for investors.