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Gold sinks more than $100 to 2-year low

China data, possible central-bank sales blamed; silver down 10%

by Myra P. Saefong and Barbara Kollmeyer, Market Watch:

Gold futures sank Monday, losing nearly 8% at one point to touch a low under $1,400 an ounce, as the metal extended its dive into a second straight session and pushed further into bear-market territory.

The broader metals complex also suffered, with silver down more than 10%, after disappointing Chinese data sparked worries of industrial metals demand.

Mining firms were hard hit by the selloff, with shares of Freeport-McMoRan Copper & Gold Inc. FCX -7.67% dropping 6.1% and Newmont Mining Corp. NEM -5.33% down 6.7%, as resource stocks led the S&P 500 index SPX -1.25% lower.

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