December 26, 2010 / 11:32 PM / 9 years ago

Spot gold slips after China interest rate hike

NEW YORK (Reuters) - Spot gold prices dropped by almost 1 percent on Monday after China raised interest rates on Christmas Day, the latest in a series of measures to cool inflation which is running at its highest in over two years.

Gold dipped to $1,373.20 an ounce early on Monday, from Friday’s notional close of $1,384.25. By 2324 GMT, gold stood at $1,375.10.

China’s central bank raised interest rates on Saturday for

the second time in just over two months as it stepped up its battle to rein in stubbornly high inflation.

Reporting by Nicholas Trevethan; Editing by Himani Sarkar

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