Reply #21: Gold, silver slide as commodities rout continues

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http://www.moneycontrol.com/news/commodities/gold-silver-slide-as-commodities-rout-continues_542899.html

Gold and silver prices slid on Thursday, with silver tumbling more than 6%, as renewed strength in the dollar and concerns over the outlook for economic growth sparked broad-based selling of commodities.

Spot gold was bid at USD 1,481.96 an ounce at 0952 GMT against USD 1,499.75 late in New York on Wednesday, having earlier hit a low of USD 1,481.85. Silver fell to a low of USD 32.88 and was later at USD 33.04 an ounce against USD 35.06.

Gold dropped more than 1% on Wednesday and silver nearly 9% as hefty gains in the dollar prompted selling across commodities.

They extended those losses as the dollar hit a fresh three-week high against a basket of major currencies on Thursday, while concerns over the financial health of some smaller euro zone economies kept the euro under pressure.