Gold falls 20% into bear market territory

Gold had lost a fifth of it value since its peak last year as investors move into cash as fears over the eurozone crisis intensify.

Futures contracts for gold were on Wednesday trading 21% down from their high last summer, according to the Telegraph. That signalled gold for June delivery was into bear market territory - when an asset plunges 20% or more. The spot price for gold was also skirting a bear market at close to $1,544 an ounce, a 19.5% drop from its September intraday high over $1,921. This fall in the price has been driven by the escalation of the eurozone debt crisis, which is causing investors to liquidate their gold holdings. While the metal is often seen as a safe haven, at times of extreme marke...