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Gold slumps to two-year low below $1,400 per ounce

April 15, 2013 in Gold, Gold Bullion, Investing, Precious Metals

By Clara Denina April 15th, 2013 (http://www.reuters.com)

(Reuters) – Gold dropped as much as 6.3 percent on Monday to below $1,400 per ounce for the first time since March 2011 as the market’s downward momentum gained speed after more than four months of investor selling.

Investors ditched gold along with other commodities from oil to copper after a less-than-forecast growth in China’s gross domestic product in the first quarter stoked doubts about the health of the global economy.

This added to last week’s fears of central bank sales from Europe, prompted by a proposed sale of Cyprus bullion holdings, and concerns about a reduction in monetary stimulus. Adding to selling pressure, exchange-traded funds hit their lowest in more than a year on Friday.

Spot gold dropped as low as $1,384.69 an ounce and was at $1,409

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