Gold tumbles to two-year low

[mystery-ak]

 April 15, 2013 10:45 am
Gold tumbles to two-year low

By Jack Farchy in Lausanne

The slide in gold prices became a rout on Monday as the precious metal tumbled a further 5 per cent to its lowest level in two years.

Bullion was swept up in a wider sell-off across markets after Chinese growth figures disappointed. But the momentum behind gold’s fall has been building for several months, with investors increasingly questioning whether the metal’s decade-long bull market may over.

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“There is no other way to put gold’s recent sell-off: nasty,” said Joni Teves, precious metals strategist at UBS in London, adding that gold would have to work to “rebuild trust” among investors.

Spot gold prices fell as much as 5 per cent to a low of $1,384.69 an ounce, the lowest in two years. The metal has now fallen 26 per cent since hitting a record high of $1,920 a troy ounce in September 2011. Silver joined in the rout, falling 10.8 per cent on Monday to $23.07 an ounce.