Liquidation in Gold Accelerates, Off Nearly $100

Gold extended its losses Wednesday morning as liquidation engulfed the precious metals sector.

COMEX gold futures, per the December contract, plunged as much as $97.50, or 5.2%, to $1,763.80 per ounce this morning.

As of 10:29am ET, gold futures traded lower by $83.00 at $1,778.30 per ounce.

Gold Tumbles to $1,800, Silver Drops to $41

Precious metals turned sharply lower Wednesday as risk aversion continued to subside in financial markets.

Gold futures initially climbed to $1,855 this morning, but plunged $60.00 to $1,801.30 per ounce as of 9:06am ET.
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Gold to Peak Above $2,200 in 2013, But No “Sharp Decline Thereafter”

BNP Paribas was the latest investment bank to raise its gold forecasts amid the yellow metal’s recent surge to new all-time highs.

In a note to clients on Wednesday, the firm wrote that “In light of the latest economic and financial developments, the assumptions underpinning our previous price forecast have changed. Read More »