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Monday 20 Jul 2015 - 18:03 Makkah mean time-4-10-1436
Gold falls five-year low (Google image)
Washington (IINA) – The global price of gold fell 4 percent on Monday, the lowest in more than five years, pulling down the price of other metals such as platinum which fell 5 percent, recording its lowest level since 2009.
The recent slump in gold and platinum prices were surprising as they broke critical levels on Friday, amid the rise of the dollar and growing expectations that the Federal Reserve (the US Central Bank) will cut interest rates this year, according to Alyoum Alsabea website.
Spot gold fell 2.8 percent at $1102.40 an ounce after it had traded earlier at $1088.05, the lowest level since March 2010.
Platinum lost as much as 5 percent to $942.49 an ounce, the lowest level since February 2009.
AB/IINA
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