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Gold hits one-year low; report says bullion market off to worst start since 2009

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Gold hits one-year low; report says bullion market off to worst start since 2009

Aug. 2, 2018 2:59 PM ET|By: Carl Surran, SA News Editor

Gold slides to its lowest price in a year following a report that showed the bullion market suffered its weakest start in nearly a decade and as the U.S. dollar rose.

December Comex gold settled -0.6% at $1,220.10/oz., wrapping up its fifth loss in the past six sessions, amid questions about whether gold can retain any appeal as the Fed remains on track to continue a steady path of interest rate increases with inflation near target and the U.S. economy expanding.

The World Gold Council reports the bullion market is suffering its worst start to a year since 2009, as U.S. investors have been pulling money out of gold-backed ETFs.

“Gold has no story going forward,” says Ira Epstein, managing director at commodities broker Linn Group. "Gold is now fighting a rising set of interest rates in America and it saw the Bank of England raise rates today... it’s going to have to deal with the fact that if Europe stabilizes rates there will start climbing."

ETFs: GLD, GDX, NUGT, GGN, DUST, IAU, PHYS, SGOL, GOEX, UGLD, SGDM, UGL, DGP, GLL, ASA, GTU, GLDI, OUNZ, RING, DZZ, DGL, DGLD, TGLDX, DGZ, PSAU, GOAU, GDXX, GYEN, BAR, GEUR, GDXS, GLDW, GHS, UBG, QGLDX, GHE, MELT, GLDM, IAUF