Gold Falls Below $4000 as U.S. Dollar Gains Ground

A stronger U.S. currency and expectations of higher interest rates weighed on bullion after a multiyear rally lost momentum.

Gold bars in a vault at the U.S. Mint, in West Point, N.Y. AP Photo/Mike Groll, File

Gold fell below $4,000 per troy ounce for the first time since November as the U.S. dollar climbed to its highest level in more than a year.

The precious metal opened on Wednesday at about $4,130 an ounce, down 0.5 percent from Tuesday’s closing price, before sliding to around $3,990. It later moved back above the $4,000 threshold.