16 April 2013
Gold prices paused for breath today after its biggest battering for 30 years, but experts warned against an imminent recovery in sight for the precious metal.
A selling frenzy driven by institutional investors and fears of a sell-off by central banks pushed prices down 9% on Monday in the biggest one-day drop since 1983.
The price sank to $1321.50 before bouncing back slightly today to trade at $1376.64. The price peaked above $1900 in September 2011.
VTB Capital analyst Andrey Kryuchenkov said: “For the moment, bullion’s reputation among the investor community is damaged beyond repair.”
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