Gold, silver extend fall as CME margin hikes compound sharp selloff

Gold and silver prices continued to fall on Monday as higher margin requirements at CME Group compounded last week's sharp selloff following the nomination of Kevin Warsh as the next Federal Reserve chair. Spot gold was down 4.8 percent at $4,630.59 an ounce by 01:32 p.m. ET (1832 GMT), after tumbling nearly 10 percent earlier in the session. U.S. gold futures for April delivery settled 1.9 percent lower at $4,652.60 an ounce. Bullion tumbled 9.8 percent on Friday, and has shed about $900 from its January 29 record high of $5,594.82, erasing most of this year's gains. "Gold and silver are on a rollercoaster ride and when you get to the top of the 'lift hill', gravity takes over and you are heading down," said SP Angel analyst John Meyer. Spot silver fell 9.2 percent to $76.81 an ounce, after sliding as much as 15 percent earlier in the session. Silver has dropped roughly 37 percent since hitting a record high of $121.64 last week. Despite the rout, analysts cautioned against reading the move as the start of a prolonged downturn. "The conditions do not appear primed for a sustained reversalWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times