Business

Gold slides to 5-year low

London, July 20: Gold today fell to the lowest level in over five years on the outlook for higher US interest rates and as China said it held less of the metal in reserves than some analysts forecast.

Gold slid 1.7 per cent to USD 1,115.14 an ounce after tumbling as much as 4.2 per cent USD 1,086.18 an ounce. Silver also shed 0.27 per cent to USD 14.80 an ounce.

Investors have soured on precious metals as the Federal Reserve gets closer to raising US rates for the first time since 2006.

Gold fell for the sixth day, losing as much as 4.2 per cent. Prices sank 2.5 per cent last week, the most since March.

Meanwhile, China said at the end of last week that it boosted bullion assets to about 1,658 metric tonnes, less than expected.  

Gold slid 1.7 per cent to USD 1,115.14 an ounce after tumbling as much as 4.2 per cent USD 1,086.18 an ounce. Silver also shed 0.27 per cent to USD 14.80 an ounce.

Investors have soured on precious metals as the Federal Reserve gets closer to raising US rates for the first time since 2006.

Gold fell for the sixth day, losing as much as 4.2 per cent. Prices sank 2.5 per cent last week, the most since March.

Meanwhile, China said at the end of last week that it boosted bullion assets to about 1,658 metric tonnes, less than expected.

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