Gold dropped to its weakest level in almost a month, hurt by a firmer dollar and as holdings in exchange-traded funds fell to the lowest in over four years, potentially stretching bullion’s losing streak to a sixth day.
If gold ends lower on the day, it would be its longest losing streak since March 2009. The drops have already helped to fuel another scramble for bullion that has push Asian premiums for physical gold to record highs.
Spot gold fell to as low as $1,374.99 an ounce, its cheapest since April 18. By 0748 GMT, it was down 1 percent at $1,378.36. Gold is less than $60 away from two-year lows hit in mid-April. Prices have fallen nearly 18 percent this year and are well below a record top near $1,920 struck in September 2011.
