Gold Hits 3-Month Low of $365.25
Gold slumped to its lowest price in more than three months today after running into a barrage of selling early in the afternoon.
Bullion was quoted at $365.25 an ounce in London, more than $10 below its close Tuesday. That marked its lowest trading price since mid-October.
The gold market, a traditional safe haven at times of crisis, took little notice of news that Iraqi and allied ground forces had clashed in Saudi Arabia.
Instead, it crashed through market support at about $368 after being quoted at midday at about $369.60.
Gold, like other precious metals, began tumbling shortly after the outbreak of the Persian Gulf War when U.S.-led forces appeared to have made a successful start.
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