Gold Slides to Two-Month Low as Dollar rallies
Gold Slides to Two-Month Low as Dollar Rallies
Gold fell to its lowest in over two months on Thursday as the safe haven dollar continued its advance on fears around the economic recovery, while fading hopes for more fiscal stimulus also weighed on the yellow metal.
Spot gold was down 0.1% at $1862.41 per ounce by 2100 IST. Earlier in the day. It hit its lowest at $1847.57.
US gold futures were down 0.3% to $1862.
‘One of the factors that is pushing gold and stocks downwards is the broad assumption in the financial markets that the US Congress will not provide any further economic stimulus for at least the next several months.’ Said Jaffrey Christian managing partner of CPM Group.
“So the confirmation that things are getting worse economically, as you sow in the unemployment figures, has pushed gold down.” Data showed the number of Americans filing new for unemployment benefits unexpectedly increased last week.
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