Gold extends slump in turbulent week

London

GOLD prices hit a four-year low last week, hit by persistent dollar strength, while crude oil plumbed multi-year troughs on fears over Saudi price cuts and plentiful supplies.

A rebounding greenback makes dollar-priced commodities more expensive for buyers using weaker currencies. That tends to dent demand and prices.

"The precious metal sector was the hardest hit for a second week in a row with both gold and silver continuing to be sold," said Saxo Bank analyst Ole Hansen. "Gold . . . continues to suffer from the adverse impact of a rising dollar and falling energy prices."

Gold plunged to US$1,131.…