Gold prices hit by profit taking, stronger dollar

TIME：2016-03-11 10:05:31

Gold has gained 18% in value since the start of the year, mostly thanks to market volatility and geopolitical concerns.

Gold lost some of its touted recent gains Wednesday, as the U.S. dollar index remains strong, enticing even more profit-taking pressure from the shorter-term traders.

Spot gold was last down $8.40 at $1,254.10 an ounce in New York, having hit a three-day low earlier in the session at $1,251.83 an ounce.

Until last week, negative macroeconomic sentiment and a weaker U.S. dollar had prompted the strongest two-month rally in gold since 2011.

The yellow metal has gained 18% in value since the start of the year, boosted by market volatility and geopolitical concerns. Bullion is considered a safe haven and prices rise in times of heightened risk as investors seek a stable asset in which to store their cash.

Expectations that the European Central Bank may loosen its monetary policy further on Thursday weakened the euro against the dollar.

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