Commodities Update: Gold Continues Slide; Falling 1% to $1,309 Per Ounce As Dollar Strengthens

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Gold futures continued their slide today, with front-month contracts (GCZ13.NYM) falling 1% to $1,309 per ounce. The yellow metal dropped as low as $1,308 per ounce as the U.S. dollar strengthened against the euro following talk of an interest rate cut by the European Central Bank, making dollar-denominated commodities such as gold more expensive for holders of other currencies.

Investors also continue to speculate when the Federal Reserve will end its bond-buying program, making them cautious.

Gold slid nearly 2% yesterday after the Federal Reserve late Wednesday said it will maintain its current pace of bond-buying, offering few clues on when it could start cutting back on those stimulus efforts.

Contracts have traded between $1,183-$1,765 over the past 52 weeks.

The exchange traded fund SPDR Gold Trust ( GLD ) is down 1% or $1.30 to $126.44.

Industry giant Barrick Gold Shares ( ABX ) is down 6.4% to $18.16 a share.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: ABX , GLD

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