PRECIOUS-Gold hits 1-month low as Fed pressured to end stimulus

Gold market update for Friday, May 17. Gold is ending the week down nearly 5%, losing just over 1.6% on Friday. Today marks the 7th down session for gold, the longest losing streak in over 4 years. Weighing on gold – some Fed officials are commenting publicly that the central bank’s stimulus needs to be discontinued. As a result, the dollar is strengthening against other major currencies and is at its highest level since 2008. Also, strong consumer spending numbers coupled with a stronger stock market are also weighing on gold. Read more…