Gold drops further, bottoms at $1,242

FXStreet (Córdoba) - Gold is falling again on Friday and hit a fresh 4-month low at $1,242 during the American session. The yellow metal attempted to recover ground earlier but the recovery failed to break above $1,260 and turned again to the downside.

After breaking below $1,250 XAU/USD accelerated and tumbled to $1,242. Afterwards rebounded and ahead of the weekly close trades at $1,247.

Gold not shining

The value of the ounce lost $45 in the last five days and is headed toward the worst weekly result since March and the lowest close since January.