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Gold is down more than 2% and is trading at its lowest since May 21
Gold prices continued their decline today, losing about 2% as the number of Americans filing new applications for unemployment benefits fell last week, indicating an improvement in the labor market and strengthening the dollar.
With the opening of Wall Street, the spot price of gold was down 2% to $1,871 an ounce. US gold futures fell more than 2% to $1,867.30.
While prices will remain under the influence of higher inflation in the near term, gold is expected to decline over the next six to 12 months in anticipation of statements from the US Federal Reserve on reducing stimulus, said Giovanni Staunovo, an analyst at UBS.
The dollar index rose 0.3 percent against its rival currencies, which undermines the attractiveness of gold to holders of other currencies.
In other precious metals, silver fell 2.4 percent to $ 27.53 an ounce, palladium fell 2.1 percent to $ 2797.97, while platinum fell 1.5 percent to $ 1171.55 an ounce.
