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Gold prices drop to 6 month low on strong dollar, US rate outlook

Gold prices posted a six-month low on Thursday, weighed down by a firm dollar and as the US Federal Reserve Chair kept its outlook for higher interest rates.

Spot gold fell 0.4 per cent to $1,262.88 an ounce by 0637 GMT. It hit its lowest since Dec. 20 at $1,261.36 earlier, having lost about 3 per cent over the last five sessions.

US gold futures for August delivery were down 0.8 per cent at $1,264.50 per ounce.

“Precious metal (gold) is firmly in a downtrend and this is mainly due to the strength in the dollar index which is trading at a significant level,” said ThinkMarkets chief market analyst Naeem Aslam.

The dollar held near an 11-month high against a basket of currencies on Thursday, supported by a rise in US yields, while the pound was at its lowest level since November 2017 ahead of a Bank of England monetary policy decision.

A stronger greenback makes dollar-denominated gold

more expensive for holders of other currencies.

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