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Gold is tanking to new lows

Akin Oyedele

Gold is falling to lows that haven't been seen in years.

On Friday morning, gold futures fell by about 1.4%, or $14.80 an ounce, to as low as $1,070.80, a level it has not touched since 2010.

Gold has fallen from a peak of about $1,177 an ounce late in October, a drop of about 10%, since the Federal Reserve started seriously signaling its intention to raise rates in December.

Elsewhere in markets, the US dollar index was slightly firmer, and the major indexes were little changed in early trading. Meanwhile, shares of Martin Shkreli's new pharmaceutical company KaloBios were up by as much as 50% in premarket trading.

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West Texas Intermediate crude futures for January in New York fell by about 2% to as low as $41.92 per barrel.

The stock market closes at 1 p.m. ET.

Here's a chart of gold's slump on Friday:

fut_chart (5)
fut_chart (5)

(Finviz)

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