Gold sinks in longest rout since 1996; Goldman Sachs sees more losses

LONDON: Gold today retreated for the 10th day in the longest run of losses since 1996 as Goldman Sachs Group predicted further declines and investors sold more through funds.

Gold retreated 0.6 per cent to USD 1,094.43 and silver lost 0.4 per cent to USD 14.73 an ounce.

The metal dropped 6.1 per cent as it fell every day since July 9 in New York.

Meanwhile, prices reached a five-year low of USD 1,080 an ounce on Monday and holdings in exchange-traded products are at the lowest since 2009.

Bullion has fallen out of favor with investors as the US Federal Reserve prepares to raise interest rates, boosting the dollar and hurting gold's allure.

Prices could fall below USD 1,000 for the first time since 2009, Jeffrey Currie, Goldman's New York-based head of commodities research, said.