Gold hits 6-month low as investors sell, dollar climbs
Thursday, 21 June 2018 16:58 WIB | PRECIOUS METALS |GOLDEMAS Spot EmasEmas berjangka

Gold prices sank to six-month lows on Thursday as investors sold holdings in the physical market and the dollar climbed due to expectations of higher interest rates in the United States.

Spot goldwas down 0.4 percent at $1,262.78 an ounce by 09:17 GMT from an earlier $1,261.36, its lowest since Dec. 20. It has lost more than 7 percent since the April high above $1,365 an ounce. U.S. gold futures were down 0.8 percent at $1,264.50 an ounce.

Holdings of the largest gold-backed exchange traded fund (ETF), the New York-listed SPDR Gold Trust       have fallen nearly five percent to 26.645 million ounces since late April. That trend is reflected in other U.S. based ETFs.

Meanwhile higher U.S. interest rates and the prospect of further rises later this year have seen the dollar against a basket of other major currencies climb to its highest since last July.      

Higher interest rates would typically see investors divest gold, which earns nothing and costs money to store and insure.

Source: Reuters

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