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Gold price at lowest since May last year, test at $1,520 seen possible

Posted on 05 April 2013

Gold plummeted to its lowest price in 10 months on Thursday morning, hit by the double-whammy of risk-off sentiment across assets broadly and reduced safe-haven demand following the resolution of the Cyprus crisis.
Since the start of the week, spot gold has fallen nearly $60 from peak to trough – it was last down $11.90 or nearly one percent on the overnight close at $1,544.90/1,545.50 per ounce. Earlier in the session, it fell to its lowest since May 30 at $1,539.95.“The precious metals complex continued to be sold aggressively, as investors and physical buyers seem to be sitting on the sidelines thinking they will get a better opportunity with the falling prices,” MKS Capital analyst Alex Thorndike said………………………………………..Full Article: Source


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