Gold sales drop $ 100 per Ounce

Gold sales drop $ 100 per Ounce
NEW YORK - Gold prices dropped more than USD 100 per ounce. This is the biggest decline since precious metals are the financial crisis in 2008.

In volatile trade sentiment as a result of default fears Greece and the bleak prognosis from the Fed on the U.S. economy sparked investors to sell their portfolios in stocks and commodities and divert it to the safe haven dollar and bonds.

G20 promise to soothe the global financial system failed to calm investors. Market participants remain concerned the government can not respond effectively to the euro zone debt crisis and trigger a global economic slowdown.

Gold slipped more than six per cent on this occasion, the biggest decline since the financial crisis in 2008

"In the short term, people begin to lose trust of gold so take it off," said precious metals analyst at MF Global Adam Klopfenstein, as quoted by Reuters on Saturday (09/24/2011).

The price of gold in the spot market last parking lot at USD1, 649 per ounce, after falling to a session low at under $ 1, 628. These commodity prices had dropped USD127 per ounce, this is the biggest intraday movement.
Gold sales drop $ 100 per Ounce