FOX GOLD LIVE NEWS UPDATE
PRECIOUS-Gold prices drop to 6-mth low on strong dollar, rate outlook
June 21 (Reuters) – Gold prices posted a six-month low on Thursday, pressed down further by a firm dollar and as the U.S. Federal Reserve Chair confirmed an outlook for higher interest rates in the United States.
Spot gold XAU= fell 0.2 percent to $1,265.72 an ounce by 0343 GMT. It hit its lowest since Dec. 21 at $1,264.21 earlier, having lost nearly 2.8 percent over the last five sessions.
U.S. gold futures GCcv1 for August delivery were down 0.5 percent at $1,267.50 per ounce.
“Precious metal (gold) is firmly in a downtrend and this is mainly due to the strength in the dollar index which is trading at a significant level,” said ThinkMarkets chief market analyst Naeem Aslam.
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