Arab Today, arab today gold prices plunge 9 sharpest fall in 30 years
Last Updated : GMT 22:10:53
Arab Today, arab today
Arab Today, arab today

Gold prices plunge 9%, sharpest fall in 30 years

Arab Today, arab today

Arab Today, arab today Gold prices plunge 9%, sharpest fall in 30 years

New York - AFP

Gold plunged more than 9 percent to its lowest price in two years in a rout sparked by worries over Chinese growth and a possible sell off by struggling Cyprus\'s central bank. The main US contract on New York\'s Comex market, gold for April delivery, sank 9.35 percent to $1,360.60, the drop coming from the beginning of trade. The price hit as low as $1,338.00, a 10.9 percent loss from Friday, before gaining slightly. It was the sharpest fall for the yellow metal since February 28, 1983. Contract volumes were their highest since the launch of trading gold futures in the United States in December 1974, according to Comex spokesman Damon Leavell. It was the second straight session gold futures have plunged, leaving the price far below the $1,600 an ounce level of last Tuesday. Traders said China\'s unexpectedly low estimate Monday for economic growth in the first quarter, 7.7 percent, sparked the plunge. In addition, cash-strapped Cyprus was reported last week preparing to liquidate some of its 14 tonnes of gold reserves to fund its part of the IMF-EU bailout plan. But the broader view is that with inflation expectations still flat -- as both US and Chinese data indicate -- people who buy gold as a hedge against rising prices have been driven to dump bullion. \"A lot of people were trying to get out all at once, going short trying to cover positions, liquidating longs,\" said Bart Melek of TD Securities.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold prices plunge 9 sharpest fall in 30 years Arab Today, arab today gold prices plunge 9 sharpest fall in 30 years

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today gold prices plunge 9 sharpest fall in 30 years Arab Today, arab today gold prices plunge 9 sharpest fall in 30 years

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday