Gold prices plunge sharply
The precious metal was heading toward its fourth consecutive session of declines and remained below its 200-day moving average
Gold prices fell sharply
On Wednesday, the price of gold dropped to its lowest level in more than three weeks. The market faced increased pressure from a new spiral of tension in the Middle East, rising oil prices, and investor concerns that the US Federal Reserve might raise interest rates again, Reuters reports.
The spot price of gold fell by 0.6% to $4,304.01 per ounce. This is the lowest level since August 7. The precious metal was heading toward its fourth consecutive session of declines and remained below the 200-day moving average—a key technical level closely watched by market participants.
US gold futures for December delivery lost 1% to fall to $4,350.80 per ounce. Additional pressure came from a stable US currency, which made gold more expensive for buyers using other currencies.