Gold hits fresh 2014 low as dollar extends gains

FXStreet (Córdoba) - Gold came under renewed pressure Tuesday and resumed its decline as the dollar extends gains across the board and remains on track for its best quarter in years.

The yellow metal managed to close higher yesterday supported by safe-haven demand amid unrest in Hong Kong, but it fell sharply during Tuesday’s European session as the greenback gained traction and scored a fresh 10-month low of $1,206.64 in recent dealings.

Gold is poised for its worst monthly loss in 15, recording a 0.6% decline on the day and down 5.5% in September. The metal is also on track to post its first quarterly loss of the year.