US: Gold plunges to lowest level in 21 months

13th Apr 2013

CHICAGO, (Xinhua): Gold futures on the COMEX division of the New York Mercantile
Exchange on Friday fell to the lowest level since July 2011.

The most active gold contract for June delivery lost 63.5 dollars, or 4.06 percent, to settle at
1,501.4 dollars per ounce.

Cuts in 2013 gold average price forecasts by Deutsche Bank and Goldman Sachs continued
to weigh on gold prices, triggering technical selling. Ealier this week, Deutsche Bank lowered
its average gold price forecast for 2013 by 11.8 percent to 1,637 dollars an ounce, while
Goldman Sachs slashed its gold price forecast for 2013 from 1,610 dollars an ounce to 1,545
dollars. Goldman Sachs even called for short position on gold.

Also, the U.S. economic data released Friday dampened gold. The U.S. Commerce
Department announced the retail sales slid 0.4 percent in March, higher than the 0.1 percent
drop predicted; the University of Michigan-Thomson Reuters consumer-sentiment gauge
dropped to a preliminary April reading of 72.3, the lowest level in nine months.

Silver for May delivery dropped 1.366 dollars, or 4.93 percent, to close at 26.331 dollars per
ounce. Platinum for July delivery shed 39.9 dollars, or 2.6 percent, to close at 1,495.9 dollars
per ounce.

Editor: Mu Xuequan


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