Gold price ‘slumps’ after reaching record highs

Commsec Market Analyst Laura Besarati says the gold price has been “retreating” after hitting recent record highs. The gold sector got crunched today with eight out of the ten worst performers in the markets being gold stocks. “There have been a few drivers in the past couple of days – on Friday, we did see that very surprising jump in the Non Farm Payrolls over in the US,” Ms Besarati said. “We’ve seen the US dollar pushing higher and that saw gold prices slump 3.5 per cent in Friday’s session.”