Gold Continuous the Worst Losing Streak Since 1996
Jul, 23rd 03:35
Gold futures retreated for a 10th day in the longest run of losses since 1996 as Goldman Sachs Group Inc. predicted further declines and investors sold more through funds.
The metal dropped 6.2 percent over 10 days of losses. Prices reached a five-year low of $1,080 an ounce on Monday, and holdings in exchange-traded products are the smallest since 2009.
Bullion has fallen out of favor with investors as the Federal Reserve prepares to raise interest rates, boosting the dollar and hurting gold’s allure. Prices could fall below $1,000 for the first time since 2009, Jeffrey Currie, Goldman’s New York-based head of commodities research, said in an interview. ABN Amro Bank NV’s Georgette Boele and Robin Bhar of Societe Generale SA are also bearish.