The gold and silver price fell again overnight to extend their current losing streak to four sessions. Gold and silver are now trading near a four year low as a strengthening U.S dollar is fuelling further sales.

The price of both metals surprisingly slumped on Friday after the Bank of Japan surprised the markets by boosting its existing QE program. In a loose monetary environment gold normally outperforms traditional assets.

During Asian trading the U.S dollar increased to four year high against a basket of major currencies which in turn dented gold’s appeal as a hedge against a weakening dollar.

The world’s largest gold backed exchange traded fund, The SPDR Gold Trust, which is often used as a barometer of investor sentiment, confirmed its holdings have fallen to a six year low

Gold is currently trading at £731.99 per ounce, silver £10.06 per ounce, platinum £774.35 per ounce and palladium £504.98 per ounce.