adminbetween Friday’s open and Monday’s close could show gold’s 12-year bull-run was at an end, with investors turning away from the metal, which is traditionally a hedge against inflation.
Yesterday in Asia, an ounce of gold was going for US$1 363,85.
The commodity enjoyed a lift after sinking to as low as US$1 338 at one point in New York on Monday — a 10,9 percent fall and its sharpest slump since 1983.
Investors were affected after China released data on Monday showing growth in the world’s number two economy had slowed in the first quarter to 7,7 percent, below forecasts and indicating a recent pick-up remained fragile.
The news also hit equity markets, while other commodities also tumbled, with the May contract for Brent crude falling below US$100 a barrel for the first time since July.
China is a huge importer of oil to drive its vast economy.
“It’s the speed of it and the extent of the sell-off that shocked everybody,” Kelly Teoh, a market strategist at IG Markets in Singapore, told AFP.
“For the rest of the week it’s going to look quite bearish.” — AFP.
Online Reporter