World Economy

Gold Melts

Gold MeltsGold Melts

Gold prices have fallen to their lowest level in five years, principally due to a strengthening dollar and receding fears over Greece, NewsTalk reported. The spot price of gold, often used by investors as a safe haven during economic crises, has fallen to just over $1,100 an ounce–its lowest level since April 2010. The price slump comes as the US prepares of the Fed’s first interest rate hike in eight years, and as domestic demand improves in the country. China has ended years of speculation about its official reserves of gold by revealing over the weekend that its gold holdings have jumped by 60% over the past six years to 1,660 tons.