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.

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