Gold Prices Plummet Due To Possible Stabilization Of Markets
The price of gold dropped significantly as the precious metal extended its biggest slump in 18 months following decreased demand from investors due to increased margins and news of a slight economic recovery, Bloomberg reported.
Prices for gold fell 3.1 percent as the metal recorded a three-day loss of more than 10 percent, the most it has fallen since 2008, according to the news outlet.
BNP Paribas analysts have noted that although the metal is returning to moderating prices for the moment, they still expect gold to reach $2,080 a troy ounce in 2012, reported Dow Jones Newswires.
Margin requirements for the precious metal were raised to curb the rising price of gold following the record levels that were reached, as the rates were hiked 27 percent, The Street reported.
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