Gold News & Info

Source: Marketwatch

New York— Gold futures tumbled 4.3% Wednesday to the lowest level in one year, while copper futures were set for their worst year since 1988 in a broad sell-off that was sending stocks and commodities sharply lower. Meanwhile, the U.S. dollar jumped against the euro and British pound, helping push down dollar-denominated commodities prices. Gold for December delivery fell $32.80 to $735.20 an ounce on the Comex division of the New York Mercantile Exchange, the lowest closing level since October, 2007. Gold has fallen nine out of the past 10 trading sessions.

Investment funds that were under margin calls were forced to sell even their "most desired assets such as precious metals," said Peter Spina, president of GoldSeek.com. There could be "more victims of the fund collapse and more forced liquidations." See related story about commodities. Crude futures tumbled as much as 7% to the lowest in more than 16 months. Lower crude prices ease inflation concerns and diminish gold's appeal as a hedge against rising prices. See full story.