Price of Gold in Worst Slump Since 1973!

The price of gold has just experienced its worst losing streak since 1973 as the U.S. dollar continued its rise.

Gold has been down for nine straight sessions, the worst since 1973 when it was down for 10 straight sessions.

U.S. gold for April delivery traded slightly higher after turning negative earlier Friday. It last traded above $1,152.

The metal was headed for its sixth weekly loss in the past seven, down 1.3 percent so far and having hit its lowest in more than three months at $1,147.10 on Wednesday.

On Friday, the dollar rebounded against a basket of leading currencies, a day after its biggest one-day fall in a month.

Gold has taken a beating since a stronger than expected U.S. jobs report last week stoked speculation the Federal Reserve would raise interest rates soon. The next focus will be the Fed’s policy-setting committee meets on March 17 and 18.

“Gold is holding just above this key area of $1,150, but there is more downside risk as the dollar could continue its ascent ahead of next week’s Fed meeting, especially as it is so close to parity level with the euro,” Saxo Bank head of strategy Ole Hansen said.

You can bet that the Fed will be raising interest rates very, very soon, so if you want to refinance your house you better get locked in now.

Warner Todd Huston

Warner Todd Huston is a Chicago-based freelance writer, has been writing opinion editorials and social criticism since early 2001 and is featured on many websites such as Andrew Breitbart's BigGovernment.com, BigJournalsim.com and all Breitbart News' other sites, RightWingNews.com, CanadaFreePress.com, and many, many others. Additionally, he has been a frequent guest on talk-radio programs across the country to discuss his opinion editorials and current events as well as appearing on TV networks such as CNN, Fox News, Fox Business Network, and various Chicago-based news programs. He has also written for several history magazines and appears in the book "Americans on Politics, Policy and Pop Culture" which can be purchased on amazon.com. He is also the owner and operator of PubliusForum.com. Feel free to contact him with any comments or questions : EMAIL Warner Todd Huston and follow him on Twitter, on Google Plus , and Facebook.

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