Gold has tumbled to its lowest level in nearly three years, putting it on track for its biggest quarterly fall since the collapse in 1971 of the Bretton Woods system of exchange rates, which pegged the value of the dollar to the precious metal.
Gold has tumbled to its lowest level in nearly three years, putting it on track for its biggest quarterly fall since the collapse in 1971 of the Bretton Woods system of exchange rates, which pegged the value of the dollar to the precious metal.
“The word at the moment is capitulation,” said Tom Kendall, precious metals analyst at Credit Suisse, adding the past week’s selling had been driven by long-term investors.
“Those are the guys who you would have expected to hold on through thick and thin and they’re not,” he said.
The price of gold on the spot market slid 4.2 per cent on Wednesday, compounding recent falls to hit a low of $1,223.54 a troy ounce. Since the start of April, the precious metal has fallen 23 per cent.
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