Gold Price Falls to its lowest since March 2009 Monday July 20,2015

 

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.