Gold Sinks Below $1,200, Platinum Hits 5-Year Low
Oct. 3 was a tough day for metal prices: Gold sank below $1,200, and platinum plummeted to a five-year low.
Gold’s drop below the $1,200 barrier is the latest dip in a roller-coaster year for the yellow metal: It started the year over $1,200 and seemed to be approaching the $1,400 mark in March. But at press time, its spot price was $1,192 an ounce, meaning it is now down for the year.
Gold futures last fell under that benchmark in December.
Analysts attributed the sell-off in part to a spate of upbeat economic news, including reports that the unemployment rate fell 6 percent.
Platinum was trading at $1,222 an ounce at press time, its lowest level since 2009, and a $40 drop from today’s opening price. Analysts said the drop was in part caused by slowing demand in Europe.