Gold futures retreated for a 10th day in the longest run of losses since 1996 as Goldman Sachs Group predicted further declines and investors sold more through funds.
The metal dropped 6.2 per cent over 10 days of losses. Prices reached a five-year low of $US1080 an ounce on Monday, and holdings in exchange-traded products are the smallest since 2009.
Bullion has fallen out of favour with investors as the Federal Reserve prepares to raise interest rates, boosting the dollar and hurting gold’s allure. Prices could fall below $US1000 for the first time since 2009, Jeffrey Currie, Goldman’s New York-based head of commodities research, said in an interview. ABN Amro Bank’s Georgette Boele and Robin Bhar of Societe Generale also are bearish.
“It looks like the bear case is gaining more momentum,” Phil Streible, a senior market strategist at RJO Futures in Chicago, said in a telephone interview. “People who are bullish on gold are most likely not going to risk more losses” if prices fall below $US1080, he said.
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