24.11.2015 - Gold Whipped Again: ETF Slumps To Six-Year Low
Gold’s tumble continues. The yellow metal dropped 0.9% to $1,066 an ounce on Monday, extending declines into a sixth straight week. The $23 billion SPDR Gold Shares (GLD) fell 0.9% on Monday to $102.19, on pace for the the lowest close since October 2009, according to FactSet. The strong dollar continues to weigh on commodity prices including gold, oil and copper, The prospect of a Federal Reserve rate hike next month is only goosing the dollar further. A valuable greenback means that gold, priced in dollars, is pricier to overseas buyers. While the PowerShares DB US Dollar Index Bullish Fund (UUP) has climbed 2.9% over the past month, the GLD is down 8.4% over the same period...............................................Full Article: Source
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