Gold moves lower as the dollar and rates go higher

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In the previous session, it touched $1,307.51 an ounce, itslowest since March 1.

At the Multi Commodity Exchange, gold for delivery in April declined by Rs 83, or 0.27 per cent, to Rs 30,335 per ten grams in business turnover of 327 lots.

"I think the overall economic recovery is good enough for the (US) central bank to consider a faster pace of normalisation of monetary policies", said Mark To, head of research at Hong Kong's Wing Fung Financial Group.

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"It is somehow expected and is already priced in the market so I stick to my prediction that precious metals, with gold included, are going to have range-bound trading, unless something really surprising happens", said Mr To.

Based on steady growth in the U.S., policy makers are expected to go for another interest rate hike.

Gold prices move higher during the course of the last 24 hours in a continuation of the ranging and the consolidation that we have been seeing between the large range that the gold prices have been in since the beginning of the year.

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Meanwhile, the S&P/ASX 200 index traded 0.22 percent lower at 5,912.5 by 02:30 GMT, while at 03:00GMT, the FxWirePro's Hourly AUD Strength Index remained highly bearish at -121.32 (a reading above +75 indicates a bullish trend, while that below -75 a bearish trend).

Standard gold (99.5 purity) dipped by Rs 120 to end at Rs 30,190 per 10 grams from last Friday's level of Rs 30,310. This was the smallest net long position since early January.

Among other precious metals, silver was trading unchanged at United States dollars 16.30 an ounce.

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Platinum was almost unchanged at $952.70 per ounce after hitting its lowest since January 3 on Monday.

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