Fed Fusillade Sends Gold to $100 Loss This Month as Dollar Rises
- Bullion dips below $1,200 as price falls for the ninth day
- Key risk ‘whether they will hike twice,’ says UBS’s Gordon
One-kilogram gold bars are arranged for a photograph at a Tanaka Kikinzoku Kogyo K.K. store in Tokyo.
Photographer: Kiyoshi Ota/BloombergGold’s on the ropes. Bullion broke below $1,200 an ounce on Monday after losing about $100 in less than a month as Federal Reserve policy makers land punch after punch by talking up the prospects for a U.S. interest rate rise, reinvigorating the dollar.
Bullion for immediate delivery fell as much as 1 percent to $1,199.80 an ounce, the lowest level since Feb. 17, before closing at $1,204.95, according to Bloomberg generic pricing. With many traders in Britain and the U.S. away from their desks for holidays, prices that peaked at a 15-month high of $1,303.82 on May 2 are down for the ninth straight day, equaling the worst daily losing run on record, Bloomberg data show.