Gold’s Rout Deepens as Investors Reduce Holdings on Recovery
Monday, April 15, 2013 2:00
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Gold, which plunged into a bear market last week, extended a rout to the lowest level since April 2011 on expectations that demand for haven assets will contract as the global economy improves. Silver slumped.
Gold for immediate delivery dropped as much as 3.9 percent to $1,425.75 an ounce and was at $1,448.25 at 1 p.m. in Singapore. Prices tumbled 5 percent on April 12, taking losses to more than 20 percent since the record close in September 2011, and meeting the common definition of a bear market.
