Gold turns lower as wider markets slide |
Reuters - Oct 4, 2011 |
Gold prices turned lower on Tuesday, surrendering early gains as it was caught up in hefty losses across the financial markets due to heightened concerns over the prospect of a Greek default.
U.S. stocks dropped around 2 percent and European shares by 3.2 percent, while oil slid by more than $2 a barrel and industrial metals such as copper and nickel fell on growing fears the euro zone sovereign debt crisis could spread to banks.
Spot gold was down 0.7 percent at $1,645.90 an ounce at 1413 GMT, having earlier risen as high as $1,678 an ounce.
Investors remained wary towards gold after it was caught up in a financial market rout in late September, which led to heavy selling of the metal to cover losses elsewhere. Prices fell 20 percent from a record $1,920.30 hit early in the month.
Read Full Article from Reuters
- Posted: 2011-10-04 13:54:14
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