Gold futures posted steep losses on Thursday amid widespread weakness in commodities and equities.
COMEX gold futures – per the February 2012 contract – finished the session lower by $31.40, or 1.8%, at $1,713.40 per ounce. The yellow metal traded in a wide range today, rising to a high of $1,760.50 per ounce before plunging to as low as $1,707.80 per ounce.
The sell-off in gold stemmed from cautious comments by European Central Bank President Mario Draghi, who backed off from previous statements that the central bank was considering a more aggressive bond-buying program.
Silver futures tumbled alongside the yellow metal, by 3.3% to $31.54 per ounce. Platinum dropped 1.8% to $1,494.40 per ounce, while palladium retreated 1.5% to $675.30 per ounce.
U.S. equity markets underwent a rough day on Wall Street, as the Dow Jones Industrial Average (DJIA) fell by 153.03 points, or 1.3%, to 12,043.34 this afternoon.
Source; http://www.goldalert.com/2011/12/comex-gold-plunges-amid-liquidation-on-wall-street/
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