World Economy

Gold at 11-Week Low

Gold at 11-Week LowGold at 11-Week Low

Gold prices tumbled for a third consecutive week, with the precious metal off by another 1.8% to trade at $1169 ahead of the New York close on Friday. reported. The sell-off in gold has been exacerbated by a rebound in the greenback, with the Dow Jones U.S. Dollar Index recouping sharp losses from earlier in the session to close just pips higher on the week. With the labor market recovery continuing to gather pace, expectations for higher interest rates have kept bullion under pressure with prices closing the week just above key near-term support.