Gold Price Today: Gold Stabilizes at $1,186.66 per Ounce

May. 27, 2015 09:30AM PST

The spot gold price stabilized on Wednesday at $1,186.66 an ounce following a sharp Tuesday decline. Similarly, US gold futures for June delivery were at $1,186.60.

The spot gold price stabilized on Wednesday at $1,186.66 an ounce following a sharp Tuesday decline, according to Reuters. Similarly, US gold futures for June delivery were at $1,186.60.

A strong rise in the US dollar contributed to gold’s Tuesday fall. The dollar was pushed upward by strong data out of the US. On Wednesday, muted global stock market trading and a slight retreat in the dollar checked the yellow metal’s losses.

Gold is likely to continue to fall if the US Federal Reserve increases the key funds rate later this year.

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