Gold declines by the most since 1980
Source: Bloomberg News |
April 16, 2013, Tuesday
|
Print Edition
Print Edition
GOLD fell below US$1,400 an ounce, losing the most since 1980, after dropping into a bear market last week as optimism a US recovery will curb the need for stimulus cut demand for a protection of wealth. Silver, platinum and palladium tumbled.
Gold futures for June delivery slumped 9 percent yesterday morning on the Comex in New York, heading for the biggest drop since March 17, 1980. Prices touched US$1,356.60 an ounce, the lowest since February 2011.
Holdings in the SPDR Gold Trust, the biggest exchange-traded product backed by the precious metal, are the lowest in almost three years and hedge funds have cut bets on higher prices by 72 percent since mid-October. Futures slid 4.1 percent on Friday, taking losses to above 20 percent since the record close in August 2011, and meeting the common definition of a bear market.
Gold futures for June delivery slumped 9 percent yesterday morning on the Comex in New York, heading for the biggest drop since March 17, 1980. Prices touched US$1,356.60 an ounce, the lowest since February 2011.
Holdings in the SPDR Gold Trust, the biggest exchange-traded product backed by the precious metal, are the lowest in almost three years and hedge funds have cut bets on higher prices by 72 percent since mid-October. Futures slid 4.1 percent on Friday, taking losses to above 20 percent since the record close in August 2011, and meeting the common definition of a bear market.
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