By Erika W.
Safe Haven? Gold prices drop below $1,600 after hitting a record $1,920 per ounce just weeks ago.
The price of gold experienced its biggest three-day plunge in decades, sinking below $1,600 an ounce, more than 15 percent lower than the record levels it hit earlier in September.
Gold prices continued to plunge Friday, despite the market turmoil that often drives investors to the traditional safe haven.
Gold tumbled $101.90, or 5.9%, in regular trading to $1,639.80 an ounce. It’s the second straight day of steep declines for the precious metal.
Comex December gold futures prices ended solidly lower Monday, and in the middle of a wide daily trading range, amid more margin-call selling and the liquidation of weak long positions. Prices early Monday spiked to a fresh 2.5-month low of $1,535.00 an ounce.
Gold was recently down 2.8% to $1594.70 an ounce, which would be the lowest close in more than two months. $1900, its level just 20 days ago, seems like a distant memory now.