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Gold falls after 3-session rally

UNITED STATES (OBSERVATORY) –¬†Gold prices fell on Wednesday after three straight sessions as investors took on riskier assets as the dollar held back gains supported by strong US economic data.

Palladium rose 0.1 percent to $ 1010.47 an ounce.

“There has been an increase in risk appetite in general, which has boosted equities,” said John Sharma, economist at National Australia Bank. “In contrast, demand for safe assets such as gold has declined.”

By 070 GMT, spot gold fell 0.3 percent to $ 1,343.31 an ounce, while in US futures futures for June delivery fell 0.2 percent to $ 1346.30 an ounce.

Gold prices rose to $ 1365.23 an ounce last week, the highest level since Jan. 25, as tensions over Syria and US sanctions on Russia mounted.

The dollar index, which tracks the performance of the greenback against a basket of currencies, rose 0.2 percent to 89.657.

The index hit a three-week low of 89.229 on Tuesday before recovering from stronger-than-expected data on US housing starts in March and industrial production data.

Among other precious metals, spot silver rose 0.2 percent to $ 16.78 an ounce after touching a week high of $ 16.83 an ounce during the session.

Platinum rose 0.5 percent to $ 941.10 an ounce. The platinum price had earlier recorded a three-week high at $ 944.10 an ounce.