Gold suffers biggest one-day drop since 1980s

Gold suffers biggest one-day drop since 1980s

China data, possible central-bank sales blamed; silver down 11%

April 15, 2013|Myra P. Saefong and Barbara Kollmeyer, MarketWatch

SAN FRANCISCO (MarketWatch) — Gold futures on Monday suffered their biggest one-day decline since the 1980s, as the metal extended its dive into a second straight session and pushed further into bear-market territory.

The broader metals complex also dropped, with silver down 11% for its lowest settlement in more than two years after disappointing Chinese data fed worries over industrial metals demand.

Mining firms were hard hit by the selloff, with shares of Freeport-McMoRan Copper & Gold Inc. (US:FCX) dropping 8.2% and Newmont Mining Corp. (US:NEM) down 5.8%, as resource stocks led the S&P 500 index (US:SPX) lower Monday afternoon.

Gold for June delivery (US:GCM3) tumbled $140.30, or 9.3%, to $1,361.10 an ounce on the Comex division of the New York Mercantile Exchange. Prices dropped to as low as $1,355.30.

The closing level was the lowest for a most-active contract since February 2011, according to FactSet data.

Prices saw their biggest one-day percentage drop since February 1983. Gold’s one-day dollar drop was the biggest since January 1980 and the second largest in its history.

Monday’s loss comes on top of Friday’s selloff , when gold lost $63.50, or 4.1%, to $1,501.40 an ounce. Friday’s settlement price marked a 20.5% drop for the most-active contract from the record settlement of $1,888.70 an ounce reached on Aug. 22, 2011.

Silver for May delivery (US:SIK3) dropped $2.97, or 11%, to end at $23.36 an ounce. Based on most-active contracts, silver futures closed at their lowest since October of 2010, according to FactSet.

FULL STORY: http://articles.marketwatch.com/2013-04-15/markets/38533641_1_silve...

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