Gold flirts with 5-year low as dollar strengthens

Gold futures threatened to close at a fresh five-year low on Wednesday as a rally in the U.S. dollar placed pressure on the yellow metal.

December gold GCZ5, -0.10%  lost $5.10, or 0.5%, to settle at $1,085.60 an ounce. The commodity flirted with a five-year low before closing at its lowest level since July 24, when the precious metal ended 10 cents below Wednesday’s settlement, according to FactSet.

Gold prices were under pressure all day as the prospect of a September interest-rate hike comes closer into view.

The ICE U.S. Dollar Index DXY, -0.09% a measure of the buck against six rival currencies, was up 0.1% to 98.0740, though moving lower later in the day.

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