Gold prices headed sharply lower Thursday, struggling to hold on to a psychologically significant level at $1,300, with a fifth straight gain in jeopardy, amid a climb in U.S. dollars.
Gold had climbed this week as concerns over an economic slowdown fueled demand for assets perceived as havens. Among recent downgrades, the International Monetary Fund this week cut its outlook for global economic growth — the third cut in six months.
Early Thursday, June gold on Comex fell $13.90, or 1.1%, at $1,300 an ounce. The metal settled at $1,313.90 Wednesday, the highest finish for a most-active contract since March 26, according to FactSet data. The precious metal scored a fourth straight advance, marking the commodity’s longest win streak since a five-session rise ended Jan. 31.
Source : Market Watch