Heavy Selling: Gold Slides Below $1,600 an Ounce

Gold tumbled to its lowest level since early October on Wednesday, set for its weakest monthly performance since September, as a weak euro and a shortage of dollar funding over the year-end prompted investors to sell aggressively.

Gold has lost about 8.0 percent in value so far this month, on course for its weakest December performance since 2008 and its third-largest monthly sell-off in three years, the point at which the global credit crunch was at its worst.

The metal's safe-haven status has been called into question given its inability to profit from the high degree of risk aversion and uncertainty current among investors.

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- Posted: 2011-12-14 11:40:01

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