ISLAMABAD: Gold prices have touched a low, while the dollar soars, Aaj News reported.
Following the high rates of dollar, price of the precious metal touched a five-year low.
A looming rise in US interest rates, the first in nearly a decade, has dented gold’s investment appeal, encouraging more sellers in the market after Monday’s 3 percent rout, its biggest one-day drop since September 2013.
Spot gold was down 0.5 percent at $1,095.69 an ounce at 0940 GMT, while US gold futures for August delivery were down $8.70 an ounce at $1,094.80.
“We expect further losses in gold,” Commerzbank analyst Daniel Briesemann said. “Gold prices are falling against the weaker dollar, declining equity markets — those are clearly bad signs. Everything speaks against rising gold prices.