Gold prices down 30 per cent

Gurjit Degun
19 December 2013

The price of gold in London dropped by 9 per cent between November and December, and by 30 per cent year-on-year.

Senior market analyst at Mintec, Yuliya Nam-Right told SM that the fall is “linked to an improved outlook for the US economy”.

The Mintec report added: “Data released last month highlights the fact that the US created 204,000 jobs in October.”

Prices for gold have reached record highs in recent years, due to the status of the metal as a 'safe haven' for investors. But Mintec predicted the price of the precious metal is now expected to see its first annual drop in 13 years.

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