Gold prices dip to five-year low

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 Gold prices dip to five year lowGold prices dipped 4 percent, its lowest in five years, reports say. Spot gold dipped 2.8 percent to $1,102.40 an ounce after dipping to $1,088.05 an ounce, the lowest since March 2010, reports say.

Prices fell after China sold gold in a sudden move, following the dollar strengthening on expectations of the Federal Reserve raising the interest rates, as per reports. Gold prices had breached critical support levels since Friday, reports say. On this expectation, China sold gold, with Shanghai Gold Exchange witnessing a record level of traded volumes, reports say.



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