Gold heads for second monthly fall

LONDON. KAZINFORM - Gold edged lower on Tuesday and was eyeing a third straight quarterly fall, pressured by a strong dollar and expectations the US Federal Reserve will increase interest rates this year.

Bullion has fallen 3 percent since hitting a three-week high above $1,200 an ounce last week after Federal Reserve Chair Janet Yellen on Friday signalled a rate hike could be likely later this year. Yellen's remarks on sustained gains in the US economy halted a seven-day rally in bullion - the longest rising streak since 2012 - which had been spurred by hopes the Fed would take it slow in raising rates. Spot gold was down 0.1 percent at $1,184.36 an ounce by 1159 GMT, while US gold for April delivery were unchanged at $1,185 an ounce. Spot prices have lost more than 2 percent so far in March and were heading for a second month of losses. The dollar was on track for its strongest quarter since 2008 against a basket of major currencies. Source: Arab News