Strong dollar helps push gold to four-year low

The price of gold has reached a four-year low today after heavy selling in Asia and the impact of a strong US dollar.

Gold futures sank to the lowest level since April 2010, falling by 2.1% this morning to reach $1,143.66 a troy ounce. The volume of gold trading was estimated to be five to six times larger than usual in Asia as surprise stimulus by the Bank of Japan and the end of QE in the US triggered selling. Although the metal is seen as a 'safe haven' during volatile markets, it will remain stay under pressure while the US dollar remains strong, helped by the US midterm elections this week and an increasingly hawkish Federal Reserve. Elsewhere, the FTSE 100 was up 1% to 6,524 helped by posit...