Gold price weakens as US rate rise prospects weigh

London (Mar 7)  Gold was trading in negative territory on the morning of Tuesday March 7 in London while market participants await the US Federal Open Market Committee meeting next week as well as the US jobs report this Friday.

The spot gold price was recently quoted at $1,223.75/1,224.05 per oz, down $1.95 on the previous close. Trade has ranged from $1,222.40 to $1,227.20 so far. "Gold prices are weaker, prospects for a US rate rise are no doubt weighing on prices and further weakness cannot be discounted.

Source: Reuters