Gold price slumps as traders face global metals market freefall

Sunday, 21 April 2013 - 8:10



The biggest plunge in the gold price for more than 30 years has wiped 1 trillion Dollars off the value of global reserves of the precious metal, leaving small investors reeling as popular funds have lost a fifth of their value in just a matter of weeks.


In hectic selling that began last Friday, the price has dropped from 1,580 Dollars an ounce to 1,380, dragging other metals down.


Silver has sunk from 28 Dollars to 23, while copper is down from $7,500 to $7,100 a tonne.