Gold price takes biggest one-day drop since 1983 [View all]
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Source: CBS
NEW YORK Gold had its biggest one-day drop since 1983 on Monday as a selling frenzy that began last week picked up speed.
The price of gold plunged $140.30 to $1,361.10 an ounce, a decline of 9 percent. The metal has dropped $200 an ounce, or nearly 13 percent, in the last two trading days. It's the lowest price since February 2011.
The sell-off started Friday when the government reported a drop in inflation. Investors often buy gold when they're fearful of rising prices and sell it when they see inflation ebbing.
A proposal last week that Cyprus sell some of its gold reserves to support its banks also spooked investors, leading them to worry that Spain, Italy and other weak European countries might flood the market just as demand for the metal is weakening.
FULL story at link.
Read more: http://www.cbsnews.com/8301-34227_162-57579714/gold-price-takes-biggest-one-day-drop-since-1983/
Price of gold in freefall
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