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Gold falls to lowest level in 5 years

FXStreet (Córdoba) - Gold prices fell to its lowest level since 2010 on Tuesday as the dollar continued to strengthen following an inflation report which showed US CPI grew in line with expectations in October.

Following a failed recovery attempt which was capped by the $1,100 area on Monday, the yellow metal resumed the drop and recently hit its lowest level since February 2010 below $1,067 an ounce.

The metal is on track to post its sixth daily loss in a row, having fallen each day but one since October 28.

Gold prices are likely to remain under pressure amid growing expectations the Federal Reserve will raise rates as soon as December, with next bearish target seen at $1,044 an ounce, which was the 2010 trough.

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