Gold Falls $9.59 an Ounce as Dollar Rises

Gold is trading at $1,228.47 an ounce today, a decrease of $9.59 or 0.77 percent. Analysts attribute this drop to the rise of the dollar against 10 other major currencies, and to the likely end of U.S. monetary stimulus.

“People want to know how serious the Fed is about easing, and tomorrow more details will come out,” Bart Melek, head of commodity strategy at TD Securities, told Bloomberg. “The dollar strength is also working against gold.”

Gold futures for February delivery fell $10.40 to $1,227.60 an ounce, according to Bloomberg.