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Gold price drops

12-15-2011 15:47 BJT

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Gold prices took a hit, as commodity prices declined following the euro plummeting to three-month low against the greenback on Wednesday.

Gold futures skidded nearly five percent sinking below the 1,600 dollar level for the first time in nearly three months, as investors sought cash as the safest asset.

The sell-off was triggered after the yellow metal declined past the 200-day moving average of around 1,619 dollars an ounce, the first time since January 2009, which signals the start of a bear market.

Gold for February delivery settled down 97.4 dollars an ounce from previous day, to as low as 1,565 an ounce, the lowest settlement for a most-active contract since mid-July.

Silver futures, which often shadow gold's moves, closed down seven percent, copper lost nearly five percent and palladium sank almost seven percent.

 

Editor:Liu Fang |Source: CNTV.CN

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