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06-May2011

Gold Takes A Nasty Blow, Settles Below $1,500 An Ounce Level

Gold prices took a nasty laceration on Thursday as they got pulverized by over two percent, slipping below the $1,500 per ounce level, a broad based sell-off in commodities weighed down sentiments. Profit booking in yellow metal amplified as the American greenback rallied strongly from its two and half year low levels, eroding the appeal of precious metal as alternative assets.

Gold futures for June delivery nosedived by $33.90 to settle at $1,481.40 an ounce after trading in the range of $1,522.10 to $1,471.80 on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices got pounded by almost $50 to $1,464.25 an ounce.

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