The Globe and Mail reports in its Tuesday edition gold fell to its lowest price in five years on Monday as investors dumped bullion for the U.S. dollar in expectation of higher interest rates. The Globe's Rachelle Younglai writes the drop to $1,105 an ounce slammed shares of gold miners and dragged Toronto's main index down 217 points Monday. Barrick Gold capped an eight-day losing streak dropping $1.82 to close at to $9.58 in Toronto, a price not seen since 1989. Other Canadian producers also hit multiyear lows, including Yamana, down 37 cents at $2.73, and Tahoe Resources, down $1.54 at $11.27. "At this point, it is a form of capitulation," said Rob McEwen, the chief executive officer of McEwen Mining. "We are always seeing the postponement of projects. The next dramatic step would be cutting back on mines," said long-time gold bug John Ing at Maison Placements. So far, Allied Nevada Gold Corp. has closed a key mine. It could get worse for the gold industry if the U.S. Federal Reserve raises interest rates. That would make interest-bearing assets such as U.S. bonds more attractive than gold. There is also less need for a safe-haven investment, gold's justification historically.