Advertisement

We need your help now

Support from readers like you keeps The Journal open.

You are visiting us because we have something you value. Independent, unbiased news that tells the truth. Advertising revenue goes some way to support our mission, but this year it has not been enough.

If you've seen value in our reporting, please contribute what you can, so we can continue to produce accurate and meaningful journalism. For everyone who needs it.

Lee Jin-man/AP/Press Association Images
Gold

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.

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.

Your Voice
Readers Comments
2
    Submit a report
    Please help us understand how this comment violates our community guidelines.
    Thank you for the feedback
    Your feedback has been sent to our team for review.