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Gold at 2-Week Low

Gold at 2-Week LowGold at 2-Week Low

Gold fell on Monday to its lowest in nearly two weeks as the dollar strengthened after comments from US Federal Reserve officials increased bets on a US rate hike this year. Spot gold had fallen 0.6% to $1,333.40 an ounce, after touching a low of $1,331.35, a level not seen since Aug. 9, CNBC reported. US gold dropped 0.6% to $1,337.90 an ounce. Spot gold is expected to drop deeply to $1,320 per ounce, according to Reuters technical analyst Wang Tao. Spot silver hit a 7-week low of $18.79 an ounce and was down over 2%. Platinum was down 0.7% at $1,102.65, while palladium fell 0.8% to $702.52.

 

Financialtribune.com