By Marley Jay and Steve Rothwell Associated Press July 21, 2015
NEW YORK — Investors are running out of reasons to own gold.
The price of the metal, which is often seen as a hedge against inflation and a weak dollar, slumped to its lowest in five years on Monday.
The dollar has rallied in recent months, diminishing the allure of holding gold. The US economy has been on firmer footing, and tumult in China’s markets and Greece’s debt crisis have failed to restore the metal’s appeal as a haven from global turmoil.
The price of gold had surged in the years immediately after the 2018 financial crisis, topping out at nearly $1,900 an ounce in August 2011, as investors anticipated that the Federal Reserve's ultra-low interest rate policy and huge bond-buying program would undermine the dollar and lead to inflation.