Gold touched $920.30 an ounce

Gold markets were upset as spot gold prices dipped after a plunge of more than $1,000 an ounce to the lowest in March touching $920.30 an ounce. The reason attributed for this is the exit of funds from commodities after the US Federal Reserve reduced borrowing costs amid fears of a recession and a credit crisis.

As reflected by the Comex division of the New York Mercantile Exchange, gold futures for April delivery touched $915 an ounce, then surged up to $932.9 an ounce. Apart from gold, platinum fell to $1,880/oz, and silver dropped to $17.99/oz. Speculation says that gold market prices would dip further below $900, as retailers indicated an interest to cash in and investors reluctant to buy at these high prices.