by Christopher Freeburn | April 15, 2013 4:50 pm
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.
Gold and silver mining ETFs also fell sharply during the day.
Gold mining shares pulled back on Monday.
Silver mining shares tumbled too.
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.
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