Gold plummets over $100 with US dollar rising

GOLD plummeted to its lowest level in over two months yesterday, with many investors liquidating their positions to raise cash.

Spot gold dropped as low as $1,566 during the day, before paring losses slightly to trade around $1,575 – still down three per cent (over $100).

“The gold price is denominated in US dollars hence it will fall when the greenback strengthens,” said Zoe Fiddes of Easy Forex.