Gold drops as 4-month high spurs investors to sell

Gold slid 1.71 per cent to USD 1,316.10 an ounce. It rose the past six weeks and reached USD 1,345.17 on July 10, the highest since March 19.

Gold drops as advance to 4-month high spurs investors to sell Gold today dropped as some traders deemed an advance to an almost four-month high as excessive and as investors awaited clues on when US policy makers may begin raising interest rates.

Gold slid 1.71 per cent to USD 1,316.10 an ounce. It rose the past six weeks and reached USD 1,345.17 on July 10, the highest since March 19.

Also read: Expect gold to continue its rally: Fat Prophets  

Silver also dropped 2.03 per cent to USD 21.01 an ounce. It reached USD 21.582 on July 10, the highest since March 17. Bullion rose 1.04 per cent last week, capping the longest run of weekly gains since March, partly as a parent company of Portugal's second-biggest bank missed debt payments, renewing concern that Europe hasn't resolved its debt problems.

 The advance sent gold above a level that signals to some traders that prices may fall. Federal Reserve Chair Janet Yellen will deliver testimony to Congress this week.

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