Gold's downward drive continued on Thursday as investor demand eroded while the financial markets stabilized, according to Bloomberg.
The precious metal has taken its steepest dive in 18 months: more than 3 percent of its value. Having exceeded the $1,900 per troy ounce threshold earlier this week, bullion dropped below $1,800 per troy ounce and was struggling to stay above the $1,700 per troy ounce threshold.
"Gold is a trade, gold is a position, gold is volatile, but gold is not safe," economist and editor Dennis Gartman wrote in the Thursday edition of The Gartman Letter out of Southeast Virginia. "The public is involved in gold, and the cab drivers of the world have bought into it. Now they are being taken out, at high cost."
At 9:06 a.m. on Thursday, gold futures slipped 1.17 percent, a $20.50 drop to $1,736.80 per troy ounce.
The New York Times reports gold's losses are symptomatic of stock markets that are gaining strength and stabilizing as the publication cited gold's attribute as a safe investment during rough economic and financial times.
Since July, gold futures have been gaining in value as the precious metal is driving toward 11 consecutive years of annual gains.
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