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Gold touches 5yr low, as China suspected of heavy selling

Gold bars are stacked at a safe deposit room of the ProAurum gold house in Munich

Gold fell 3.8 percent, or $43, to $1,087 an ounce in Asia on Monday in a few seconds. This happened due to a huge dump of five tonnes onto the Chinese markets, that’s about a fifth of a normal day’s trade, Business Insider reports.

 “In Shanghai, close to five tonnes of gold was sold on the Shanghai Gold Exchange in a two-minute window just prior to 9:30am, in a market where the normal volume traded is 25 tonnes in an entire day,” ANZ Bank analyst Victor Thianpiriya told Business Insider.

He added that “further downside risks remain,” and that “other indicators also suggest the likelihood of an immediate rebound is low.”

However, gold recovered after the biggest drop in more than five years and was trading at $1,113.80 per troy ounce at 11am GMT.


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