NEW YORK – Gold investors who rode record prices just months ago have seen the value of the precious metal shed nearly 25 percent since May, and on Friday the losing streak continued as the commodity touched its lowest point in three months.
Gold spiked to a 26-year high of $730 an ounce in mid-May, when investors poured money into precious metals as a hedge against global tensions that included U.S.-Iran relations, high oil prices and dollar instability.
But on Friday, gold for December delivery on New York Mercantile Exchange's COMEX division lost $3.00 to close at $583 an ounce, after touching $576.60, its lowest point since June 15.
"There's a panic liquidation," a gold dealer in Singapore said. "The next levels that people are looking at are $550, $545 and $530."
Reuters contributed to this report.