Gold futures fell again on Wednesday, and the precious metal not only reached its lowest price point in four years, but may fall further to the landmark $1,000 price point.
Futures sank 2.4 percent on Wednesday for a new low of $1,140.40, pushing the market down to its lowest point since April 2010, Reuters reported. The strong market movement of the U.S. dollar and share prices increasing harmed the investment value for bullion further.
The $1,000 level hasn't been seen in the bullion market since 2008, after which the metal surged, eventually hitting a record high of $1,920.30 in September 2011.
In the past week, gold has lost around $100 an ounce, which is a large and startling figure resembling the initial drops it experienced in 2013 that ended 12 years of gains.
"Gold prices are heavily influenced by financial speculators, who are divesting via ETFs and derivative instruments," Gold Junior Fund manager Angelos Damaskos told the news source. "And given macroeconomic forces such as the dollar strength, gold may go lower still in the short term."
Holdings in the SPDR Gold Trust were also on the decline, falling 0.3 percent to their lowest figure since the 2008 losses experienced by Lehman Brothers Holdings Inc., Bloomberg reported.
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