Economics
Gold Nearing Bear Market on Slowing U.S. Growth; Silver Tumbles
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Gold futures dropped to the lowest since June, leaving prices on the brink of a bear market, as signs of slowing U.S. economic growth sparked a drop in equities and commodities. Silver fell to an eight-month low.
U.S. companies added 158,000 workers in March, the fewest since October, ADP Research Institute reported today, while the Institute for Supply Management’s index of non-manufacturing businesses fell to 54.4 in March from 56 in the prior month. The Standard & Poor’s GSCI index of 24 raw materials tumbled 2.1 percent, heading for the biggest drop since Nov. 7. The S&P 500 equity index slid the most since Feb. 25.