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Gold tumbles to 2-year low

(FINANCIAL TIMES) The slide in gold prices became a rout on Monday as the precious metal tumbled a further 5 per cent to its lowest level in two years.

Bullion was swept up in a wider sell-off across markets after Chinese growth figures disappointed. But the momentum behind gold’s fall has been building for several months, with investors increasingly questioning whether the metal’s decade-long bull market may over.

“There is no other way to put gold’s recent sell-off: nasty,” said Joni Teves, precious metals strategist at UBS in London, adding that gold would have to work to “rebuild trust” among investors.