Gold sinks to $1,155

The yellow metal has shed about $145 per ounce since hitting a 2015 high of $1,300.70 on January 22. (AFP)

Gold price recently sank to a fresh four-month low of $1,155 per troy ounce yesterday on the back of a strong US jobs data and India’s surprise decision to maintain the import duty on the yellow metal.

Data showed America added 295,000 jobs in February, 55,000 more than economists expected. US unemployment rate is now at 5.5 per cent, the lowest it has been since May 2008. This is fuelling investor confidence in the economy and, therefore, equities, and further reducing gold’s safe haven appeal.

The precious metal has shed about $145 per ounce since hitting a 2015 high of $1,300.70 on January 22, or down more than 11 per cent in less than seven weeks.