BENGALURU: Gold prices fell on Thursday as investors flocked to the safety of the dollar after global equity markets slipped and the Federal Reserve raised concerns about the pace of economic recovery in the United States.
Spot gold fell 0.5% to $1,834.59 per ounce by 0744 GMT. Prices had fallen to their lowest since Jan. 18 at $1,830.80 on Wednesday. U.S. gold futures shed 0.6% to $1,833.50.
"The market seems to be very disappointed with the Fed... we didn't get anything additional in terms of policy guidance or stimulus prospects, so that sunk risk assets, pushed the dollar up and gold got caught in that trade," said IG Market analyst Kyle Rodda.
"Gold seems to be in a short-term period of consolidation."
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