London — Gold slid to its lowest in four months on Thursday as a bounce in the dollar sparked by optimism over US tax reform plans pushed the metal out of its recent narrow trading range. The metal had been hemmed between $1,265/oz and $1,300/oz since mid-October as a series of record highs in stock markets detracted investment interest from bullion, and as traders awaited an expected US interest rate increase this month. It broke out of that range this week, extending losses after slipping below its 200-day moving average at $1,267/oz. Spot gold was down 0.6% at $1,255.85/oz at 10.55am GMT, off an earlier four-month low of $1,254.51. US gold futures for December delivery were down $8.20/oz at $1,257.90. "We’ve had a [breakdown] of support at $1,260, which is a key level," ActivTrades chief analyst Carlo Alberto de Casa said. "From a technical point of view, many traders had stop-losses just below $1,262, and today the market is going down for this reason." Strength in the dollar wa...
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