By Steven Russolillo
Another day, another tumble for the precious metals.
Gold and silver both slumped on Tuesday after data showed euro-zone factory activity contracted last month. That report followed separate data points on Monday showing manufacturing in the U.S. and China expanded by less than economists expected, sparking worries about the state of manufacturing around the globe.
Gold on Tuesday suffered its biggest decline since Feb. 20. Silver tumbled for the sixth time in the past seven days, fell deeper into bear-market territory and settled at an eight-month
Silver “has just been unable to get up off the mat here,” Kurt Pfafflin, a senior broker with Daniels Trading in Chicago, told WSJ’s Matt Day. “Negative readings around the world have cut into the industrial-demand side.”
Front month Comex gold settled down $24.90, or 1.6%, at $1575.10 an ounce. It is down 6% this year and is off 17% from its record settle high of $1888.80 hit in August 2011.
Front month Comex silver settled down 69 cents, or 2.5%, at $27.17. It is down 9.8% this month and 22% from its 52-week high set in October.
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