Gold for December delivery fell over 2% to $1,640.10 per ounce, well-above its 52-week low of $1,319.20 per ounce, as Chinese Q3 GDP fell to 9.3%. China is one of the world’s largest consumers of gold, meanwhile, gold inventories are stacking up in India, the world’s largest gold consumer, as demand remains weak amidst tighter credit conditions.
Meanwhile, all other metals are taking a hit as well. Copper is down 2%, silver is off 2.14% and platinum is down 1.31%.
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