April 15, 2013
Precious metals are taking it on the chin yet again Monday morning.
Gold futures are down more than 6%, earlier falling below $1400 an ounce for the first time since March 2011. Silver is down about 10% and is hovering around a two-and-a-half-year low. The sharp move lower comes after gold officially entered a bear market on Friday, falling more than 20% from its record peak.
Weaker-than-expected GDP data in China, the world’s second-largest buyer of gold, have added to the precious metal’s woes. Gold tends to be bought as a store of wealth in China, and weaker growth there could hinder demand for the metal.