Gold futures log biggest drop since the 1980s
SAN FRANCISCO (MarketWatch) — Gold futures to log their biggest decline since the 1980s as the sharp selloff in the metal continued into a second straight session. June gold (CNS:GCM3) sank $140.30, or 9.3%, to settle at $1,361.10 an ounce on the Comex division of the New York Mercantile Exchange — the biggest one-day percentage drop since at least February 1983 and largest one-day dollar drop since January 1980. “There do not seem to be a lot of buyers looking to catch a falling knife (gold) and expect more volatility in gold in the near future for certain,” said Luke Rahbari, managing partner at Stutland Volatility Group.