(MENAFN- ProactiveInvestors)Gold slid again today as analysts weighed in on the struggling metal. The gold price hovered around US$1100 overnight but fell away to US$1088 an hour into US trading. Gold has dropped 6% over the last week as a growing expectation that the Federal Reserve will raise interest rates in September an easing of 'Grexit' fears and a less than expected rise in China's gold reserves all weighed on the metal. Manpreet Gill head of fixed income currency and commodities strategy at Standard Chartered said: 'Gold may have much more downside. 'We are not big fans of commodities and haven't been for much of this year and I do not see any respite over the next quarter.' 'Gold yields nothing and in an environment where the dollar is doing well interest rates are rising and other asset classes are going up we do not see why gold should be going up.' ABN AMRO has revised down its price target on gold expecting the metal to fall below US$1000 by the end of the year and hit US$800 by the end of 2016 its lowest level since 2008. Julian Emanuel at UBS meanwhile described gold's predicament as the result of a 'perfect storm.' Gold dropped again today easing US$12 to US$1088. Silver lost 0.6% to US$14.69 while platinum fell 1.2% to US$966. Meanwhile Investec says the result of the gold price has led to miners being 'harshly treated' in recent days. Mining shares have plummeted with some analysts commenting that many of the giants are unprepared for the drop below US$1100. Major Movers Anglo American down 42.2p to 819p. Fresnillo down 19.5p to 632.5p. Randgold Resournces down 55p to 3837p.
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