Gold Prices Sink to a 5-Year Low
Even its role as an asset is in question, says Macquarie
Gold Is 'Alternative Currency' in Some Ways, Trauner Says
This article is for subscribers only.
Gold has no appeal as a commodity or alternative to currencies, Macquarie Group Ltd. said on Friday, renewing the selloff that’s driven prices to a five-year low.
Futures for August delivery slid 0.8 percent to settle at $1,085.50 an ounce at 1:43 p.m. on the Comex in New York, after touching $1,072.30, the lowest for a most-active contract since February 2010. The metal dropped 4.1 percent this week, the most since October. Trading volume was 95 percent above the 100-day average for the time of day.