| China’s demand for gold plunged in the third quarter, the latest setback for a market already suffering from waning investor appetite. The 37% slide in China acted as a drag on global demand, which fell 2% from the year-earlier period, industry group World Gold Council said in report released Thursday.
Gold prices are 39% below record highs hit in August 2011 with the latest leg of the selloff tied to expectations that the U.S. economy will continue to pick up speed in the coming months. Many money managers believe that could prompt the Federal Reserve to raise short-term interest rates next year. Higher rates are likely to further dim the allure of the precious metal, which yields nothing and costs money to hold.......................................Full Article: Source
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