CW8888: Market cycle. Gold is no exception too.
| GOLD | 1501.40 | ; | -63.50 | -4.06% |
By: Patti Domm CNBC Executive News Editor
Source: World Gold Council
Gold plunged into bear market territory
Friday, as a fierce selling wave swept across commodities markets and
shorts raised their stakes.
Gold tumbled four percent and fell below $1,500 per troy ounce for the first time since July, 2011. It officially entered bear market territory Friday, down more than 20 percent from its August, 2011 high of $1,891.90.
Silver futures lost nearly five percent to $26.30, and it is now 45 percent below its April, 2011 to high. Oil fell more than 2 percent, with West Texas Intermediate breaking through a support level at around $92 per barrel.
Gold tumbled four percent and fell below $1,500 per troy ounce for the first time since July, 2011. It officially entered bear market territory Friday, down more than 20 percent from its August, 2011 high of $1,891.90.
Silver futures lost nearly five percent to $26.30, and it is now 45 percent below its April, 2011 to high. Oil fell more than 2 percent, with West Texas Intermediate breaking through a support level at around $92 per barrel.
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