Gold down to lowest since 2010
The price of gold hit its lowest level in more than five years Friday in early U.S. trading, pressured once again by the belief that the Federal Reserve will hike interest rates next month and bearish outside markets.
The probability of the Federal Reserve increasing interest rates for the first time since 2006 rose to 74% on Friday from 72% yesterday, Bloomberg reports.
Additionally, the U.S. dollar index higher — which measures the dollar against a basket of other currencies— was higher again this morning and trading near this week’s seven-month high.
Gold traded at its lowest levels since February 2010, down to as low as $1,051.20 an ounce right after 9:00 am ET. It was the sixth straight week of a decline, and the longest such streak since August.
February Comex gold was last $14.80 at $1,054.80 an ounce while other precious metals were mixed. Spot silver was down 0.69% at $14.06 an ounce, spot platinum was up 0.52% at $848.30 an ounce, while spot palladium was up 0.71% at $555.90 an ounce.