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After data that pointed to a strengthening US economy was released, gold plunged to its lowest price since August 2010.
After data that pointed to a strengthening US economy was released, gold plunged June 26 to its lowest price since August 2010. In light of the expectations that the US Federal Reserve will curb its stimulus package, spot gold dropped $37.13 to $1,237.81 an ounce. Gold futures for August delivery are also down $37.101 to $1,236.70, after hitting a low of $1,223.20.
The spot price has fallen by more than 25 percent in 2013, and 22.8 percent in the second quarter, marking the biggest quarterly loss since 1968, according to Reuters data.
“If you look at yields, they are going higher, and people are more bullish on the dollar — all of this creates a difficult environment for gold,” UBS analyst Joni Teves said.
