23 Jun '12, 11pm

Price of gold has tumbled in recent weeks, wiping out all the gains made this year

Price of gold has tumbled in recent weeks, wiping out all the gains made this year

A worker hammering a gold ingot in Chile. The slide in gold price began after the US Federal Reserve extended a programme to keep long-term interest rates low, undermining the precious metal's long-standing strength as a hedge against inflation. -- PHOTO: REUTERS By Magdalen Ng Gold usually thrives in times of financial turmoil but its price has tumbled in recent weeks, wiping out all the gains made this year. Gold fell 2.4 per cent from Wednesday to US$1,569.23 (S$2,004) per ounce on Friday evening. This is a 12.1 per cent slide from its high of US$1,748.23 per ounce in February this year. The slide started after the US Federal Reserve extended a programme aimed at keeping long-term interest rates low. Operation Twist, which was supposed to end this month, will now continue till the end of the year. Related Links GOLD PRICES THIS YEAR -- ST ILLUSTRATIONS That has undermin...

Full article: http://www.straitstimes.com/BreakingNews/Singapore/Story/...

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