Gold Declines for Second Day

Gold plunged for the second day after going up to a three week peak until March 26 after the statement of Fed chair Janet Yellen that she is expecting rates to go up in 2015.

Prices increased previously after Saudi Arabia led airstrikes on Shiite insurgents in Yemen which spurred haven demand for gold on apprehensions hostilities may upset oil supplies. Meanwhile, gold holdings scaled up for the seventh week, according to data provided by Commodity Futures Trading Commission.

Bullion for immediate settlement dropped 0.2 percent to $1,195.91 per ounce. It was recorded at $1,197.50 in Singapore. The precious metal gave up 0.5 percent to stop the longest stretch of profits since 2012. However, it is still expected to achieve the first quarterly growth since June of last year.

Meanwhile, silver also retreated and Shanghai gold declined for the second day.

The Australia and New Zealand Banking Group also observed the regression of gold due to economic and political developments. Gold for delivery in June lost 0.3 percent to $1,196.80 at the COMEX. On the other hand, bullion (99.99 percent purity) gave up 0.3 percent to 239.80 Yuan per gram or $1,200.10 per ounce at the Shanghai Gold Exchange.

Silver for prompt delivery plunged 0.2 percent to $16.9194 per ounce. It is expected to go up 7.6 percent within the quarter. Platinum had no significant change at $1,136.75 per ounce and was headed for a third consecutive quarterly loss. Palladium metal also declined 0.3 percent to $739.25 per ounce.