Los Angeles Times

Gold plunges to 5- year low


Investors are running out of reasons to own gold.

The price of the metal, which is often seen as a hedge against inflation and a weak dollar, slumped to its lowest in five years.

The price of gold sank $ 25 to $ 1,106 an ounce. That’s about 40% below its recent peak and the lowest price since March 2010.

“It’s the strength of the dollar, that’s what’s been drilling gold down this year,” said Jim Steel, chief precious metals analyst at HSBC in New York.

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