Gold near its lowest level in five years after a severe rush to sell

Gold near its lowest level in five years after a severe rush to sell

Gold approached its lowest level in five years on Tuesday, with expectations of more losses in the coming months in the wake of a wave of sell-off on Monday where bettors investors sold on falling prices about 33 tons of the yellow metal in just two minutes.

And broke the sudden sell-off in Shanghai and New York, where dealers launched a wave of sell orders within one minute after a short period of open Shanghai Gold Exchange.

Within another minute deals completed to pay US Gold futures drop to $ 48 to $ 1080 per ounce (an ounce) registered the weakest level since February 2010. The amounts of gold were traded value of $ 1.3 billion in China and the United States markets.

The price of gold in the spot market to $ 1106.05 an ounce 1020 GMT on Tuesday, but the movement on Monday left gold vulnerable to further declines as may pave the way towards its decline to $ 1,000 an ounce.

Among other precious metals platinum rose 0.6 percent after hitting its lowest level in six and a half years on Monday.

And palladium rose 1.6 percent to $ 614.25 an ounce, after 3.4 percent down to its lowest level since October 2012 at $ 593 an ounce.

Silver rose 1.2 percent to $ 14.82 an ounce and was less precious metals hit by a wave landing on Monday

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