Gold tumbled on Thursday for a score of reasons
Gold tumbled on Thursday for a score of reasons, traders and analysts said.
First was the statement of U.K. Chancellor of the Exchequer Gordon Brown, who said in the next few weeks International Monetary Fund gold reserves will be sold or revalued in order to provide debt relief to poor countries.
A stronger U.S. dollar did its bit to the metal's weakness. The selling accelerated on technical factors as the market broke down
through its previous low for the year.
April gold tumbled as much as $4.50 to settle at $418.50.