Weak China demand and stronger dollar drive down gold price
London
GOLD prices hit multi-year low points last week, hit by a stronger dollar and weak Chinese demand.
With prices of metals generally weak, mining groups Anglo American and Lonmin on Friday announced plans to cut their headcounts by up to a combined 12,000 staff.
Gold slumped to the lowest point in nearly five and a half years, weighed down by the strong dollar and reports of massive selling in China, dealers said.
The metal struck US$1,072.35 an ounce on Monday - the lowest level since February 2010.
Sister metal silver hit a six-year trough at US$14.37 an ounce and platinum reached the lowest level in more than six years to US$946.25 an ounce.
The precious metal failed to benefit fr…
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