Weaker-than-expected economic growth in China sent gold plummeting to a two-year low on Monday. Trading volume hit record highs as investors liquidated positions in order to meet margin calls.
This marked the second consecutive session in which the precious metal fell sharply.
Gold futures for May delivery tumbled 9.4% to $1,360.60 per ounce on Monday, according to CME Group. Gold traded as high as $1,494.60 and as low as $1,335. Gold bullion closed in London at $1,351, according to BullionVault.
Silver futures for May delivery dropped 11.3% to $23.36 per ounce. Monday’s high for silver was $26.05, while the low was $22.54.
Gold and silver funds sank in Monday trading.
- The SPDR Gold Trust (NYSE:GLD) dove 8.8%.
- The iShares Gold Trust (NYSE:IAU) dropped 8.9%.
- The iShares Silver Trust (NYSE:SLV) plummeted 12.6%.
Gold and silver mining ETFs also fell sharply during the day.
- The Market Vectors Gold Miners ETF (NYSE:GDX) sank 9.8%.
- The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) plunged 12.6%.
- The Global X Silver Miners ETF (NYSE:SIL) declined 13.3%.
Gold mining shares pulled back on Monday.
- Agnico-Eagle Mines (NYSE:AEM) dropped 9.1%.
- Barrick Gold (NYSE:ABX) slumped 12.6%.
- Eldorado Gold (NYSE:EGO) sank 8.3%.
- Goldcorp (NYSE:GG) declined 6.7%.
- Kinross Gold (NYSE:KGC) fell 13.9%.
- Newmont Mining (NYSE:NEM) slid 6.7%.
- NovaGold Resources (AMEX:NG) rose 0.8%.
- Yamana Gold (NYSE:AUY) dove 9.3%.
Silver mining shares tumbled too.
- Coeur d’Alene Mines (NYSE:CDE) sank 9.6%.
- Hecla Mining (NYSE:HL) dropped 12.2%.
- Pan American Silver (NASDAQ:PAAS) plunged 11.4%.
- Silver Wheaton (NYSE:SLW) retreated 9.7%.
- Silver Standard Resources (NASDAQ:SSRI) plummeted 13.6%.
As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.