Gold falls for sixth straight session to 7-month lows

Gold falls for sixth straight session to 7-month lows

Gold fell for the sixth consecutive session to its lowest in nearly seven months, driven by a strong dollar and consistently increasing U.S. interest rates that powered to new multiyear highs Monday.

The yield on the 10-year Treasuries continued its sharp climb, reaching 4.7% intraday for the first time since October 2007 and ending at 4.682%, up 11 bps from 4.572% on Friday, while the yield on the 30-year Treasuries rose 8.5 bps to 4.794% from 4.709% on Friday, settling at its highest since April 2010.

front-month Comex gold for October delivery closed -1% to $1,830.00/oz, its lowest trading value since March 9 and down 10.6 percent from its 52-week high of $2,048.00 hit just five months ago, while front-month Comex silver ended -4.6 to $21.218/oz, also a seven-month low.

Technical analysts say that gold prices are approaching a death cross, which occurs when an investment's short-term moving average falls below a longer-term moving average, the 50-day moving average for December gold is $1,948.34/oz, while the 200-day moving average is $1,982.13/oz.