Singapore: Gold plunged to a more than two-year low on Tuesday, extending a brutal sell-off that is likely to persist amid fears over central bank sales and global growth, while investors frustrated by the metal's lacklustre performance dumped their holdings. Bullion posted its biggest ever daily drop in dollar terms in the previous session and is now down about 20 per cent so far this year, after stellar gains over the past 12 years.
The precious metal, typically seen as a safe-haven asset, has failed to capitalise on rising tensions in the Korean Peninsula and suffered from uncertainty over the US Federal Reserve's stimulus programme. Cash gold dropped to as low as $1,321.35 an ounce and stood at $1,332.15 by 0144 GMT, down $20.60. The metal is now nearly $600 below a lifetime high around $1,920 an ounce hit in September 2011.
"This is a kind of panic selling. There must be the end of it sometime in the near future, but the market is still very shaky," said Yuichi Ikemizu, branch manager for Standard Bank in Tokyo. "We just have to wait until this panic selling subdues," said Ikemizu, who was reluctant to peg a support level for gold.
Holdings on global gold exchange-traded funds were at their lowest in more than a year. Silver tracked gold lower, while the most active bullion contract on Tokyo Commodity Exchange sank almost 10 percent....more
09:00 AM, Apr 16, 2013
Singapore/Mumbai: Jewellers in Thailand cashed in gold as global prices extended gains for an eighth consecutive session on Tuesday, while a weaker rupee curbed buying interest in India, the world's main consumer, dealers said. Jewellers in India are also watching the progress of the monsoon, which could set the tone for demand during the next festive season. Indian farmers, who depend on monsoon rains for a good harvest, contribute to...
03:54 PM, Jun 19, 2012