World Economy

Gold at 5-1/2-Year Low

Gold at 5-1/2-Year LowGold at 5-1/2-Year Low

Gold slid more than 1% to its lowest since 2010 on Friday, on course for its biggest weekly loss in nine months, as strong US jobs data helped deepen this week’s rout and fuelled fears the metal has some way to fall yet, Reuters reported. A breach of key support levels pushed more sellers to cut their exposure and market players warned that gold prices could fall further before seeing any convincing recovery. Bullion tumbled 3.3% on Monday, the biggest drop since September 2013, in a sell-off accompanied by big trading volume in New York and Shanghai. Friday’s drop to session lows also saw sizable volume on those exchanges.