Gold
sank about 2 percent on Wednesday to its lowest since mid-2010,
potentially opening the way for a fall to $1,000 as a surging U.S.
dollar weakened the investment case for non-yielding bullion.
Silver's fall as much as 5 percent to its weakest since February 2010 at just above $15 an ounce.
Spot
gold skidded to its lowest since April 2010 at $1,137.40 an ounce and
was trading down 1.8 percent at $1,146.50 by 2:48 p.m. EST (1948 GMT).
Technical
analysts said a test of the $1,000 level could be on the cards
following a break of support at $1,150 an ounce, a key retracement
level.
U.S.
COMEX gold futures settled down $22 an ounce at $1,145.70. Trading
volume was about 270,000 lots, nearly doubling its 30-day average, and
set to the highest turnover since Friday, preliminary Reuters data
shows.
The
metal has lost around $100 an ounce over the past week, rekindling
memories of a stunning two-day drop last year that started a huge wave
of divestment and a surprise double-digit annual price dive after 12
years of gains.
Silver was down 3.6 percent at $15.43 in late afternoon business, paring losses after hitting $15.13, its lowest since mid-2010.
Source : Reuters
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