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Gold Slides More Than Comex Margins as Investors Cover Losses

• www.sfgate.com

Sept. 26 (Bloomberg) -- Gold fell for a fourth day and slid below $1,600 an ounce, while silver erased its gains this year, as some investors sold the metals to cover losses in other assets. Bullion futures dropped more than margin requirements for a second consecutive day.

The euro slumped to an eight-month low versus the dollar on concern European policy makers are struggling to resolve the debt crisis as the region's economy slows. Commodities touched the lowest level since December and global equities were near the lowest in more than year. The value of a 100-ounce futures contract traded in New York dropped $10,190 on Sept. 23, more than the $9,450 margin requirement that day, prompting margin increases.

 

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