Gold falls 2 percent, breaches key support on Greece fears

Gold fell 2 percent in heavy volume on Tuesday after breaching a key support, as renewed concerns about Greece's debt triggered economic fears, while some analysts say the metal looks oversold and poised for a rebound.

Silver fell 3 percent, and platinum and palladium headed for their largest one-day falls this year after caution grew about global economic outlook a day after China cut its growth forecast and data showed the European Union is unlikely to avoid a recession.

Bullion broke below its 200-day moving average for the first time since mid-January, tracking U.S. equities' slide on worries Greece could miss a deadline to complete a deal swap to avert a chaotic default.

Read Full Article from Reuters

- Posted: 2012-03-06 12:48:33

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