Gold plunges to $4,948 on sudden US dollar demand

New York [UAE], February 13: Gold fell sharply on Thursday as renewed demand for the US dollar pressured prices lower.
The precious metal slipped to $4,948 per troy ounce at the time of publishing, weighed down by the dollar's rebound and a broad sell-off on Wall Street, particularly in technology and housing stocks.
By 1650 GMT, spot gold had fallen 2.7 percent to $4,941.47 per ounce. Earlier in the session, gold dropped to its lowest level since 6 February.
US gold futures for April delivery declined 2.7 percent to $4,962.10 per ounce.
For other precious metals, platinum fell 6.1 percent to $2,001.79 per ounce, while palladium lost 3.9 percent to $1,634.14.
Source: Emirates News Agency