Gold slid below $1,600 an ounce and headed for the biggest two-day slump in a month

Gold slid below $1,600 an ounce and headed for the biggest two-day slump in a month, while silver erased its gains this year, as some investors sold the metals to cover losses in other assets. Bullion futures dropped more than margin requirements for a second consecutive day.

The euro slumped to an eight-month low versus the dollar on concern European policy makers are struggling to resolve the debt crisis as the region’s economy slows. Commodities touched the lowest level since December and global equities were near the lowest in more than year. The value of a 100-ounce futures contract traded in New York dropped $10,190 on Sept. 23, more than the $9,450 margin requirement that day, prompting margin increases.

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Tags: Gold analysis, Gold future prices, Gold futures, Gold investment, Gold news, Gold price, Gold price forecast, gold prices, Silver price, silver prices

Posted by VBN on Sep 27 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