Gold falls to six year low

Gold falls to six year low

Gold has had a rough year, falling over 18% since January 2015. It continued to trade lower on Monday, on the back of the continued strength of the dollar.

According to Carsten Menke, a commodities research analyst at Julius Baer, the stronger dollar has been affecting the price of gold by driving prices down amid a lack of fresh news for gold since Friday.

Currently down by 0.32% at $1,083.45 a troy ounce, analysts have predicted that it could continue to fall to below $1,000 a troy ounce in the coming months, increasing the pressure on gold miners.

In November, the gold spot price fell $74 to $1,064 (£705.78), the fastest drop seen since 2013. Precious metal platinum was also down on Monday morning, at £876.30, whilst silver was up by 0.15% at $14.58 an ounce.