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Gold fell to lows since 2010 due to the good economic data from the US and the strengthening of the dollar, as lower metal prices contributed fixation losses investors.
Gold prices fell dramatically after the strengthening of the dollar to nearly four-week high against a basket of major currencies. The dollar was supported by strong data on US gross national product, as well as by the central bank of Japan, who suddenly decided to expand its massive monetary stimulus, triggering a decline in the yen.
Gold has fallen in price by 4.7 per cent this week, and it is the biggest weekly decline since June of 2013.
"We believe that the gold price will fall, given the US economic recovery and expectations of higher interest rates - said Chen Min, an analyst at the market of precious metals in Jinrui Futures from Shenzhen. - In the long term, gold is likely to make its way closer to the level of $ 1.000 per an ounce. "
Stocks of the world's largest fund ETF SPDR Gold Trust on Thursday declined by 0.16 percent to 741.2 tons, six-year low.
The cost of December gold futures on the COMEX today dropped to 1160.50 dollars per ounce.
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