Gold Prices Slides to Near 7-Month Low in 6th Decline

Gold Prices: In international markets, Gold fell for the sixth consecutive session to hit a near seven-month low, as a stronger US dollar and prospects of interest rates staying higher for longer eroded bullion’s appeal.

Gold declined 1 percent to 1,832 dollars per ounce, its lowest since March 10. Silver also slumped nearly 3 percent to a more-than-six-month-low of 21.56 dollars per ounce.

Since touching the key 2,000 dollar-per-ounce level in early May, gold prices have fallen more than 11 percent, or 230 dollars, pressured by a sharp rise in benchmark US Treasury yields, which makes the non-yielding gold less attractive.

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The dollar index was up 0.1%, holding near a 10-month high against its rivals which makes gold more expensive for other currency holders.