Gold is at its lowest level in a year


Gold prices fell to their lowest level in a year as the dollar held steady against China and India, two major consumers of the yellow metal.
Gold has tumbled 10 percent since mid-April, hit by a jump of greenback, which has made precious metal priced in dollars more expensive for buyers than other currency holders.
Gold briefly took hold last week when President Donald Trump described the dollar’s strength as bad for the economy, prompting the US currency to retreat from its highest level in a year.
Spot gold fell 0.6 percent to $ 1224.06 an ounce in late US trading, not far from a 12-year low of $ 1211.08 on Thursday.
US gold contracts for August delivery fell 0.4 percent to settle at $ 1225.60.
A war of words between Trump and Iranian President Hassan Rowhani gave only a brief boost to precious metal prices.
Geopolitical instability is often supported by gold, traditionally seen as a safe investment vehicle in uncertain times.
Among other precious metals, spot silver fell 0.85 percent to $ 15.34 an ounce, after falling last week to its lowest level since July last year.
Platinum stood at $ 826.49 an ounce after last week’s lowest level since 2008, while palladium rose 2.2 percent to $ 913.90 an ounce after last week’s weakest level in a year.

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