Gold prices drop over 1%, hit lowest in 1 week

Gold prices fell more than 1.1 per cent in midday trading on Thursday, reaching their lowest level in over a week, as the US dollar strengthened. Investors awaited key inflation data that could signal the Federal Reserve’s next policy moves.
Spot gold dropped 1.1 per cent to $2,884.93 an ounce by 0115 GMT, the lowest since February 17. On Monday, prices had hit a record high of $2,956.15 due to safe-haven demand.
U.S. gold futures declined nearly 1 per cent to $2,901.50.

Attribution: Amwal Al Ghad English, Reuters

Subediting: M. S. Salama