Gold moved closer to erasing gains this year after climbing as much as 16 percent in March. Yesterday, the price touched $1,204.30, the lowest since Jan. 2, on bets that U.S. interest rates will increase, boosting the dollar and eroding the appeal of the metal as a hedge against inflation. In the third quarter, gold fell 8.4 percent after a 10 percent rally in the first half topped gains for equities and Treasuries.
Sales of gold coins, in the meantime, more than doubled in September as futures fell the most since June 2013. Sales of silver coins in September doubled to 4.14 million ounces from August, mint data showed. The gain was the biggest since January and the amount was the highest since March.
See full story on bloomberg.com
Photo courtesy of bloomberg.com