Gold at 4 1/2 year low
Gold extends losses towards 4-1/2-year low as dollar climbs U.S. gold futures extended losses on Tuesday, falling towards their lowest since 2010, as the strength in the dollar is hurting demand for the precious metal. Gold and the USD tend to have an inverse price relationship.
U.S. gold futures dropped 1 percent to $1,145.50 an ounce, close to a 4-1/2-year low of $1,130.40 reached last week.
Spot gold also fell to a session low of $1,145.92 before recovering, following a 2.2 percent drop in the previous
Gold’s inability to retain a 3 percent jump from Friday shows investors are selling into rallies, expecting more
downside. A stronger greenback discourages buying of dollar-denominated gold by holders of other currencies.
Analysts and traders surveyed by Reuters last week predicted that prices could fall to $1,000 by the end of the year, revisiting that level for the first time since 2009.
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