Gold Below $1145 on Surging U.S. Dollar

Gold settled below $1,150 per ounce on Wednesday, opening the way for a fall to $1,000 as a surging dollar and stronger share prices weaken the investment case for non-yielding bullion.

Gold futures for December ended the session around 2 percent lower at $1,145.70 an ounce, down $22.00 on the day.  Spot gold, which skidded to its lowest since April 2010 at $1,137.10 an ounce earlier, was last down 1.8 percent at $1,147.

The metal has lost around $100 an ounce over the past week, rekindling memories of a stunning two-day drop last year that started a huge wave of divestment and a surprise double-digit annual price dive after 12 years of gains.


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