Gold prices tumbled 9 percent on Monday, the sharpest drop in 30 years, heightening fears that investors’ faith in the safe haven has been shattered.Read the rest here.
The steep fall in gold, after a slump on Friday, led a broader sell-off in commodities and stock markets. The Standard & Poor’s 500-stock index declined 2.3 percent — its sharpest one-day decline since early November. Crude oil prices fell to under $90 a barrel, and copper dropped to a 17-month low.
The catalyst was disappointment over Chinese growth, which has been a bright spot in a global economy marred by uneven recoveries and Europe’s persistent debt problems.