Strong US growth sends gold to five-week low
Washington (Dec 23) Strong US GDP figures sent gold and silver prices lower on Tuesday.
The country's economy grew 5.0% in Q3, the highest rate since 2003, according to a release from the Department of Commerce, which revised up the rate from 3.9% in a previous estimate.
The announcement sent the dollar above 82 euro cents for the first time since 2012. Dollar strength has been the main factor behind falling gold and silver prices in recent months, with both metals hitting four-year average monthly lows in November.
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Gold slumped US$19.50 to US$1,175.75/oz in London while silver slipped 38 cents to US$15.71/oz, with both at their lowest for more than five weeks.
A rising dollar and strong equity markets are expected to continue to weigh on prices in 2015, INTL FCStone's Edward Meir said on Monday.