USD 75.1941

+0.27

EUR 88.6313

-0.23

BRENT 43.56

+0.19

AI-92 43.26

-0.12

AI-95 47.43

+0.07

AI-98 53.19

+0.01

Diesel 47.48

+0.04

143

Strongest one-day gold decline

Gold posted its biggest one-day loss since 2008 on Thursday.

 

 

Gold posted its biggest one-day loss since 2008 on Thursday, hitting a three-month low as a wave of risk aversion swept through global markets, triggering massive technical selling in the metal. Bullion tumbled more than 4 percent in heavy trade, briefly falling below $1,060 an ounce as escalating sovereign debt fears in Europe prompted investors to bid up the dollar and unload riskier assets.

 

Other precious metals also fell. Silver slid nearly 7 percent to its lowest since September, platinum dropped more than 4 percent and palladium fell 6 percent. Scott Meyers, senior analyst at Pioneer Futures, a unit of MF Global, said gold has slid below technical support levels. "There is not a lot of technical support in gold right now. It is more of a function of how the market reacts to whatever stimulus is forcing the market lower right now," Meyers said. Risk-averse economic sentiment pummeled world stock markets, pressuring gold, oil and other commodities.

 

Spot gold hit a low of $1,059.10 an ounce, the weakest since November 3. It was last at $1,064.30 an ounce at 4:07 p.m. EST, sharply lower than $1,108.85 late on Wednesday.

 

Source : Reuters