26 Sep '11, 8am

Gold, silver prices plunge as economic uncertainty mounts

Gold, silver prices plunge as economic uncertainty mounts

Gold's long-term rally has come to a grinding halt in the past three weeks, with prices down nearly 20 per cent from a record peak hit on Sept 6. -- PHOTO: REUTERS (REUTERS) - Gold's long-term rally has come to a grinding halt in the past three weeks, with prices down nearly 20 per cent from a record peak hit on Sept 6. Analysts cite dollar strength, liquidation by hedge funds looking to cover losses in other markets and volatility undermining gold's appeal as a safe haven as possible reasons for the sharp falls. Spot silver, far more vulnerable to worries about economic growth because of its industrial uses, hit its lowest since January, and is down 45 per cent from its April peak. Alvin Liew, senior economist at UOB Reseach said 'Money used to be looking for places to invest and it'd go to commodities, to gold and silver. Please enable JavaScript to view the comments pow...

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