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Gold Slides To Six-Week Low, Approaches $1,700 An Ounce
Submitted by Mining.com on October 24, 2012 – 10:17 AMNo Comment
Gold fell to a six-week low in Tuesday trading, stopping just short of the $1,700 an ounce threshold as investors become increasingly concerned about the state of the global economy.
Reuters reports that the precious metal fell over 1% on widespread concerns over the economy which also dragged down equities by over a percent, saw copper futures tap six-week troughs, and boosted the fortunes of the US dollar.
Spot gold prices fell 1.3% to $1,706.20 an ounce in afternoon trading, while US gold futures for delivery in December shed $16,90 to hit $1709.40 an ounce. Gold also sank beneath the key technical support of the 50-day moving average.
Precious metal peer silver declined 2.2% in Tuesday trading to $31.69 an ounce.
Gold hit its 2012 high of $1,796.69 earlier this month, closely approaching yet failing to breach the $1,800 barrier.
Source : Mining.com
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