June 24, 2013
Gold fell 1 percent on Monday, extending last week’s 7 percent decline, hurt by a stronger dollar amid worries over an early end to the U.S. Federal Reserve’s stimulus programme.
The metal fell closer to a three-year low on investor pessimism following the sharp sell-off last week, triggered when the Fed said it would cut back its monetary easing by mid-2014.
Spot gold lost 1 percent to $1,284.26 an ounce by 0959 GMT after its worst weekly performance last week since September 2011 pushed the price as low as $1,268.89. It is down 24 percent so far this year.
This article was posted: Monday, June 24, 2013 at 10:11 am