NEW YORK (TheStreet) -- Gold prices are on track for hitting their worst month since June of 2013, partly due to the strong U.S. dollar, CNBC's Jackie DeAngelis said on "Halftime Report" this afternoon. Gold prices have dropped more than $100 this month alone.
"I think all of it is the U.S. dollar," NationShares CIO Scott Nations claimed on the show.
Some people are attributing part of the downward trend to interest rates, but those are still "historically very low," he noted.
The real problem is still the "relative rates," which is the dollar, Nations claimed. And with the ECB still about two years away from "catching up" to the Fed in monetary policy, gold has a "tough" few years ahead of it.
The support level for gold that KKM Financial is looking for is $1,170, despite $1,171 being the current low, CEO Jeff Kilburg said on the show.
Gold is actually above the S&P 500 year-to-date, Kilburg noted. "So I think when you see the king dollar in an overbought situation, I think this provides an opportunity for gold being an oversold opportunity to get in. But use $1170. It's a critical support area."