Gold sinks 6%; copper hit after China data
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Gold futures tumbled by more than $90 on Monday, deepening their descent after entering bear-market territory last week, while prices for industrial metal copper also slumped following economic data from China that fell short of expectations.
Gold for June delivery GCM3 -6.65% tumbled $90.20, or 6%, to $1,411.00 an ounce. Gold last week lost 4.7%.
The losses roughly matched gold’s heavy drop on Friday, when it lost $63.50, or 4.1%, to $1,501.40 an ounce on the Comex division of the New York Mercantile Exchange. Friday’s settlement price marked a 20.5% drop for the most-active contract from the record settlement of $1,888.70 an ounce reached on Aug. 22, 2011.
Traders and analysts have cited numerous reasons for gold’s breakdown.
Sentiment has suffered due to recent cuts to price forecasts for the precious metal and outflows from gold exchange-traded products. Among those calls, Goldman Sachs, last week lowered its average gold-price forecast for 2013 to $1,545 an ounce, a level it took out last Friday.
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