FXStreet (Córdoba) – Gold fell sharply on Friday and scored a fresh 5-year low as the dollar continues to strengthen amid increasing expectations the Federal Reserve will raise its benchmark Federal Funds Rate for the first time in more than nine years.
Gold fell more than 1% in post-Thanksgiving trade and scored its lowest level since January 2010 at $1,052 an ounce before settling around $1,056/oz.
The metal posted its sixth weekly loss in a row. Ever since peaking above $1,190 an ounce on Oct 15, gold has fallen more than 10%, having closed only six out of the last 32 trading sessions into the green.
(Market News Provided by FXstreet)