Gold plunges to five-year lows after early Asia rout
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Gold hits five-year low under $1,100 on Chinese selling
July 20, 2015 9:01 AM EDTBy Clara Denina
LONDON (Reuters) - Gold prices plunged as much as 4 percent to their lowest in more than five years on Monday as sellers in top consumer China offloaded the metal.
Investors have been finding less and less reason to hold gold as an insurance against risk, with the dollar strengthening ahead of what is expected to be the first increase in U.S. interest rates for nearly a decade.
Spot gold fell $45.55 to its weakest since March 2010 at $1,088.05 an ounce shortly after the Shanghai Gold Exchange opened, with volumes soaring to a record.
It... More
Gold's rapid slide came after surge in Chinese sales
July 20, 2015 6:33 AM EDTBy Manolo Serapio Jr
MANILA (Reuters) - Gold's 4 percent slide in a matter of minutes on Monday came after a record 3.3 million lots of the metal, or about 33 tonnes, were traded on a key Shanghai physical contract, as top consumer China appears to be increasingly shunning bullion.
The selling came as investors have been finding less and less reason to hold gold as a safe haven, with the dollar strengthening ahead of what is expected to be the first increase in U.S. interest rates for nearly a decade.
Spot gold ended a 12-year rally in 2013,... More
