US gold futures tumbled Thursday, ending at their lowest level in two weeks...
US gold futures tumbled Thursday, ending at their lowest level in two weeks, continuing to play off action in the foreign-exchange market.
TheBullionDesk.com analyst James Moore explained that the further advances by the US dollar against the euro have pressured the precious metals. The dollar hit a two-month high against the euro Thursday, helped by expectations that Federal Reserve officials will continue to signal rising U.S. interest rates.
February delivery gold lost 70 cents to trade at $422.60 an ounce on the New York Mercantile Exchange?s COMEX division. It tapped a low of $420.30 earlier, its worst intraday level since Jan. 10.
However, some analysts expect near dollar weakening, which will raise gold price as usual.