|11-06-2014, 08:40 AM||#1|
Gold slumps to four-year low following major selloff
Gold prices fell to its lowest level in four years on Wednesday, due to the heavy selloff that led to breaking $1,150 levels.
The heavy selloff came after investors fled the safe-haven metal against the backdrop of a stronger dollar amid weakness in physical buying levels.
The U.S. dollar rose against major currencies on Wednesday, after the Republicans won the majority of the Senates in the midterm elections in the United States, raising hopes about ending austerity plans.
The Republicans will seek to approve economic plans that limits the austerity policies adopted by the Obama administration, which will be positively reflected on spending levels and therefore growth levels in the U.S.
Physical demand on jewelry - usually rises with the decline in gold prices - failed to offer a solid floor to limit further declines in prices.
Precious metal prices stay within a downtrend due to the stronger U.S. dollar at its highest level in four years against a basket of major currencies.
The U.S. Dollar Index rose by 0.51% around 87.46 at 09:15 GMT.
The U.S. jobs report for October will be released Friday, thus gold prices are likely to remain under pressure ahead of the release at 08:30 a.m. EST.
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