Singapore: Gold retreated for a third session in a row on Thursday after comments from Federal Reserve officials and minutes of the U.S. central bank`s meeting last month suggested that a rate increase in June remained on the cards despite recent weak data.
FUNDAMENTALS
* Spot gold was off 0.1 percent at $1,201 an ounce by 0022 GMT.
* Bullion hit a session low of $1,197.45 on Wednesday after two Fed officials said the U.S. central bank could still increase interest rates in June. The minutes of the Fed`s March 17-18 meeting showed it concluded with the Fed opening the door to a June rate hike, and that "several participants" went on record saying they expected upcoming economic data would warrant an initial rate increase that month.
* Data last week showing U.S. jobs grew at the slowest pace in more than a year in March fuelled expectations that a rate hike could happen later than June, sending gold to a seven-week peak above $1,220 on Monday.
* U.S. gold for June delivery dropped 0.2 percent to $1,200.80 an ounce.
* Newmont Mining Corp said it will go ahead with building the first phase of its Long Canyon gold mine in Nevada.
MARKET NEWS
* The dollar hovered at one-week highs early on Thursday, having enjoyed another leg up after two influential Fed officials kept alive expectations for a hike in interest rates sometime this year.
