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Dublin: 11 °C Friday 24 October, 2014

Gold falls below US$1,800 as rush ends

It looks like gold’s bull run could be at an end with the yellow metal plunging in Wednesday’s trading.

Image: Lee Jin-man/AP/Press Association Images

GOLD FELL BELOW US$1,800 an ounce yesterday as the precious metal suffered losses of about 5.5 per cent.

The sharp drop reverses a recent trend with investors off-loading gold instead of buying it up.

According to MarketWatch, gold futures had their biggest one-day fall in two-and-a-half years with gold for delivery in December dropping more than $104 to $1,757.

Yesterday was the third day in-a-row which saw gold suffer losses after hitting record highs in early-trading on Monday.

Bloomberg reports that bullion for immediately delivery also took a sharp fall, dropping about 1.7 per cent to US$1,729.45 an ounce.

Market volatility had led to a bull run on gold in recent months – with the precious metal consistently breaking records. Investors were turning to gold as a sort of security blanket for their money as they lost confidence in financial stocks.

The yellow metal has seen its value climb about 22 per cent already this year and is still up 6.3 per cent in August.

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