Gold fell back towards five-year lows on Wednesday July 22,2015 as investors
continued to pull away from the precious metal, with a slide through key
chart levels earlier this week setting prices up for further losses.
A looming rise in US interest rates, the first in nearly a decade, has
dented gold's investment appeal, encouraging more sellers in the market
after Monday's 3 % rout, its biggest one-day drop since September
2013.
Holdings in top gold-backed exchange-traded fund (ETF) SPDR Gold Trust
fell for a fourth day on Tuesday July 21,2015, declining another 4.8 tonnes to hit
their lowest since 2008. Its reserves have nearly halved from their 2012
peak.
Spot gold was down 0.5 % at $1,095.69 an ounce at 0940 GMT, while
US gold futures for August 2015 delivery were down $8.70 an ounce at
$1,094.80.
On Monday July 20,2015, gold slid to its lowest since March 2009 at
$1,088.05 an ounce.
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