Gold futures on Friday notched their biggest one-day percentage drop in five years

(MarketWatch) — Gold futures on Friday notched their biggest one-day percentage drop in five years and their biggest one-day dollar drop since Aug. 24 as investors pulled out metals in search of cash and Treasurys. Gold for December delivery  declined $101.90, or 5.9%, to settle at $1,639.80 an ounce on the Comex division of the New York Mercantile Exchange, the largest one-day drop for a most-active contract since June 2006. On the week, gold lost 9.7%. Investors fled gold and other metals as they scrambled to meet margin calls amid turmoil in global markets centered around Europe’s sovereign-debt crisis and doubts about the health of the U.S. economy.

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Posted by VBN on Sep 24 2011. Filed under Gold. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry