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Gold price drops to 9-month low as ETF investors run for exits

Posted on 04 April 2013

The gold price dropped another $25 on Wednesday, a second day of steep losses, bringing the yellow metal within shouting distance of a year low. In afternoon trade gold was down 1.6%, changing hands for $1,550 an ounce, levels not seen since June last year.
Gold has now given up 7.4% of its value from its opening levels for the year and is homing in on a 52-week low of $1,535 set in May. Sentiment towards gold has soured this year as investors in gold-backed ETFs continued to abandon the hard asset in favour of riskier bets like stocks, which have recently hit record highs………………………………………..Full Article: Source


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