Gold sinks $60; lowest price since July 2011
Prices hit by technical selling; silver drops 5.3%
SAN FRANCISCO (MarketWatch) — Gold futures tumbled Friday, poised to settle at
their lowest level since July 2011, as recent cuts to price forecasts continued
to hurt sentiment, prompting investors to lose confidence in gold as a
safe-haven investment.
Gold for June delivery extended losses
after downbeat U.S. retail-sales data, dropping $62.60, or 4%, to $1,502.30 an
ounce on the Comex division of the New York Mercantile Exchange after a dipping
to a low of $1,491.40. It’s on track for a weekly fall of 4.6%.
“It’s pure panic bedlam on enormous volume,” said Gene Arensberg, editor of
the Got Gold Report.
(More…)
Based on most-active contracts, FactSet data shows prices haven’t settled
this low since July of 2011.
Gold also fell along with other commodities, including oil,
following a weak batch of U.S. economic data and as the psychological impact of
potential selling of the precious metal from Cyprus continued to take a toll.
Gold these days “does not seem to respond adequately to the current financial
and geopolitical situation,” said Frederic Panizzutti, senior vice president at
MKS Group.
The MarketWatch article continues at this link.
By Myra P. Saefone and Carla Mozee of MarketWatch
2013-04-12 10:47:28
Source: http://www.gotgoldreport.com/2013/04/gold-sinks-60-lowest-price-since-july-2011.html
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