15
March
Gold Drops as Commodities, Equities Tumble on Japanese Crisis
15 March 2011 Business Week
Gold declined in London as some investors sold the metal to raise cash as other assets including commodities and equities dropped. Silver, platinum and palladium all slid.
European and Asian equities retreated after Japan’s Prime Minister Naoto Kan said the risk of further radiation leaks has increased following a third explosion at a nuclear power plant. Commodities dropped on concern Japan’s biggest earthquake and the nuclear crisis will curb demand for raw materials. Gold has fallen 2.4 percent from a record $1,444.95 an ounce set March 7.
