Throughout the first six months of 2016, gold was the hottest commodity around. Concerns about the state of the global economy and political concerns sent the gold price surging by more than 25% between January and the end of July.
However, it now appears that investor sentiment has turned against gold. On Tuesday gold prices notched their biggest decline in nearly three years as the dollar strengthened after a strong US economic report and Federal Reserve Bank of Cleveland President Loretta Mester reiterated her call for a December rate increase. Gold for October delivery closed down 3.3% at $1,266.3 a troy ounce on Tuesday more than 9% off its 52 week high of $1,384.
- Gold vs. Paper: The Only Debate That Matters
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