Gold Falls to $1,201.30 for Third Session of Losses

Gold sank 0.1 percent on Wednesday, hitting $1,201.30 per ounce for its third consecutive day of losses, Reuters reported. The drop came after the metal reached a two-week low of $1,194.90 on Tuesday.

The metal was hit by a drop in European shares and the strong US dollar, which reached its highest point since September 2003. The stronger US dollar makes gold more expensive for other currency holders.

“Gold will eventually break lower but as long as we have no new drivers, there are a lot of support levels below $1,200,” Georgette Boele, an analyst at ABN Amro, told Reuters.