05.06.2015 - Gold Prices Sink to Five-Week Low
Gold prices sank to a five-week low Thursday, after the International Monetary Fund slashed its forecast for U.S. growth and warned that inflation remains elusive. Gold for August delivery, the most actively traded contract, closed down 0.8% at $1,175.20 a troy ounce on the Comex division of the New York Mercantile Exchange, its lowest price since May 1. The International Monetary Fund on Thursday lowered its forecast for U.S. economic expansion, while urging the Federal Reserve to hold off from raising rates because prospects for inflation remained uncertain. A continued slump in consumer prices spells bad news for gold, an asset some investors buy because they believe it will hold its value during inflationary times...............................................Full Article: Source
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