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New York - Gold prices fell below $700 an ounce for the first time in 14 months Thursday as investors fearful of a protracted global slowdown unloaded their holdings in the precious metal.
Gold for December delivery fell $20.50 to settle at $714.70 an ounce on the New York Mercantile Exchange. Earlier, prices dipped to $695.20, a level not seen since August 22, 2007.
Gold has plummeted 30% since surging to an all-time trading high of $1 033.39 on March 17.
Jeffrey Nichols, managing director of American Precious Metals Advisors, said gold's slide is a result of "massive indiscriminate liquidation" by large investors who are worried about the health of the global economy and "the likely diminishing demand for one commodity after another."
"The yellow metal was simply overwhelmed," Nichols said in a research note.
- Sapa-AP