Gold drops below $4,000 amid strong dollar and jobs data
Business
Gold just hit near eight-month lows, dropping below $4,000 an ounce.
This slide is thanks to a stronger US dollar and solid American jobs numbers, plus talk of another interest rate hike.
Gold has lost 13% this quarter, the biggest drop in 13 years, and is down 7.5% for the year.
Big banks cut gold price forecasts
After an April duty hike, Indian gold imports have slowed, even though they were up 50% in the first half compared with last year.
Meanwhile, big banks like JPMorgan, Goldman Sachs, and Citi have all cut their gold price forecasts to between $4,000 and $5,200 an ounce as prices keep falling.