Gold Prices Drop To Six-Month Low On Strong Dollar, U.S. Rate Outlook

Gold prices posted a six-month low on Thursday, weighed down by a firm dollar and as the U.S. Federal Reserve Chair kept its outlook for higher interest rates.

Spot gold fell 0.4 percent to $1,262.88 an ounce by 0637 GMT. It hit its lowest since Dec. 20 at $1,261.36 earlier, having lost about 3 percent over the last five sessions.

U.S. gold futures for August delivery were down 0.8 percent at $1,264.50 per ounce.

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