A year ago yesterday, gold prices fell 9.3% in their worst ever one day fall.
Last night there was another big fall – nowhere as big as 12 months ago, but it was still large enough to rattle market confidence.
The 2.1% plunge in prices in New York was startling, coming out of the blue (prices rose $US8.50 an ounce on Monday) and it ended a nice run up in the price of the metal.
Gold actually fell to a low of $US1,288 in trading before buying took it back to around $US1,302 in early Asian trading.
Silver and copper prices were also hit by the sell off, which some attributed to fears about the latest Chinese economic data, due out at lunchtime (our time) today.
The 9.3% plunge a year old yesterday was on concerns about the Fed cutting its stimulatory spending.
That kicked off months of sliding prices to the point where gold prices ended 2013 with a loss of 28%.
So far this year gold is up. But it has started running into the odd bout of nervous selling in the past few weeks.
Silver led percentage losses on Comex Tuesday in New York, with copper not far behind.
Comex May silver for May lost 52 cents, or 2.6%, to end at $US19.49 an ounce. Comex May copper fell 6 cents, or 2%, to $US2.99 a pound.
And the Australian dollar lost ground, falling well under 94 US cents to end the day at 93.55 US cents.
Gold mining shares fell in new York and in Canada. The likes of Newcrest and Kingsgate will follow here today.
