Gold prices are currently below $1,200 per ounce on Monday, at $1,198.67. Umar said the metal is on track for its biggest annual loss in 32 years.
Last week's decline marked the steepest fall in over a month as the Federal Reserve announced that it would taper its asset purchasing program by $10 billion per month, she said.
Gold is hitting its lowest level since June, when it put in a low near $1,179 and is now down by roughly 30% this year, Umar said.As for crude oil, prices were slightly lower on Monday. Prices rose close to $100 per barrel last week, as economic conditions appeared to be improving. However, Monday's price decline has been quite small, with WTI crude prices still trading above $99, Umar concluded. -- Written by Bret Kenwell in Petoskey, Mich. Follow @BretKenwell
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