from Gold Core:
Gold fell to a more than two-year low, while silver was at its lowest since 2010. Gold fell 2.7% and silver slumped by 4.5%.
The sell-off began after Fed chairman Ben Bernanke again suggested that U.S. economic growth was strong enough to begin tapering back on its $85 billion in monthly asset purchases later this year.
Ten-year U.S. Treasury note yields hit 15-month highs of about 2.38% after the comments sparking a slump in global equity and bond markets.
The FTSE fell 1.8% in early trade, while the Dax was down 2.4% and the CAC 40 down 2.1%.
The selling accelerated when a survey of China’s factories showed activity slumping to a nine-month low just as a squeeze in the nation’s money markets sent short term rates to record highs.
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