Gold Retains Losses as Fed Says Soft US Economy Only Transitory

Singapore: Gold retained losses from overnight on Thursday, as the Federal Reserve characterised the recent slowdown in the U.S. economy as only transitory, not ruling out an interest rate hike this year. Fundamentals * Spot gold was trading flat at $1,204.51 an ounce by 0047 GMT, after losing 0.6 per cent on Wednesday. * The Fed downgraded its view of the U.S. labour market and economy after its two-day policy meet and said the p...