Gold prices tumbled below $1,600 an ounce for the first time in four months as investors showed little appetite for the supposed haven amid a broad sell-off in commodity markets.
The precious metal has fallen more than 10 per cent from a peak of $1,790 a troy ounce at the end of February as hopes of a fresh bout of quantitative easing from the Federal Reserve faded.
Analysts said that investors remained unenthusiastic towards gold, in spite of last week’s weaker than forecast data on US employment and renewed fears about the eurozone debt crisis in the wake of elections in Greece and France.
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