Gold prices fell by $1,200 on Monday morning, as investors worried the Federal Government could cut back on the supply of the metal, in response to a lower dollar.
The price of a 1,200-ounce gold bar fell by around 9 per cent on the New York Mercantile Exchange, according to Thomson Reuters data.
Gold prices were at $1.2375 an ounce on Monday. “
I think gold prices are going to move higher.”
Gold prices were at $1.2375 an ounce on Monday.
That’s up nearly 13 per cent from the week before.
The price of one ounce of gold is up by about 25 per cent over the past year.
Gold prices have historically risen in response the weak dollar.
In March 2018, gold prices were up by nearly $200, according a Bloomberg report.
Gold has rallied nearly 10 per cent in 2017 and nearly 20 per cent this year.