New York - Spot gold prices sank over 4 percent on Friday, falling below $1,500 per ounce for the first time since July 2011 as across-the-board selling accelerated mid-morning.
Weak financial markets, a firmer dollar and pressure from a draft plan for Cyprus to sell bullion were behind the selling, traders said.
Spot gold sank just over 4 percent to as low as $1,493.35 per ounce.
At 11:14 a.m. (17:14 SA time), prices were down 3.65 percent at $1,503.71 an ounce. - Reuters