Gold fell on Friday for a seventh straight session, in its longest losing streak since March 2009, as the dollar strengthened and investors cut exposure to the precious metal, fearing further drops and choosing equities instead. Gold has lost nearly 6 percent of its value in the six sessions through Thursday as stocks gained on the back of strong US economic data, and on fears the Federal Reserve could end its bullion-friendly bond buying program.
Spot gold was down 0.34 percent at $1,380.91 an ounce by 0538 GMT, having fallen to a four-week low of $1,369.29 on Thursday as renewed liquidation in gold ETFs and a recent drop below the $1,400-per-ounce level spooked investors. US gold for June delivery was down 0.52 percent at $1,379.70.
Comments
Comments are closed.