Gold slumped over 3% on Monday, sliding to its lowest level in more than a month, as a broader market sell-off driven by uncertainty over more U.S. fiscal stimulus pressured the precious complex along with a stronger dollar.
FILE PHOTO: Gold bars are seen in the vault of the branch office of precious metal trader Degussa in Zurich April 19, 2013. REUTERS/Arnd Wiegmann/Spot gold dropped 2.1% to $1,909.05 per ounce, after falling as much as 3.4% earlier in the session, its lowest since Aug. 12. U.S. gold futures settled down 2.6% at 1,910.60.
Wall Street’s main indexes hit their lowest levels in nearly seven weeks on Monday, while the dollar index rose 0.8% against its rivals, its highest daily percentage gain since March 19. Gold prices are down nearly 10% from an all-time high hit in early August as hopes of further stimulus dwindled.
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