Gold plunges 2.2% in biggest daily drop of 2014, miners sink

|By:, SA News Editor

Precious metals miners are broadly lower as gold futures head for their biggest daily drop of 2014, plunging $29.30, or 2.2%, to $1,308.10/oz.

Physical demand has remained short of expectations, Commerzbank's Eugen Weinberg says, and India's decision to maintain a 10% import duty on gold and silver likely will dampen future gold demand expectations from the country.

Barclays, which expects gold to drop to $1,200/oz. by Q3, also expresses caution, saying recent gains across the metals complex look toppy.

ABX -1.2%, NEM -1.7%, GG -2.4%, KGC -1.8%, AEM -1.4%, AUY -1.4%, EGO -3%, NGD -2.8%, FNV -2.4%, AGI -2.6%, AU -2.2%, IAG -1.9%, GFI -3.4%, BTG -2.1%, NG -0.7%, SLW -2.1%.

ETFs: GLD, SLV, GDX, NUGT, AGQ, IAU, DUST, SIL, USLV, SIVR, SGOL, ZSL, UGL, DGP, GLDX, GLL, UGLD, DZZ, SLVO, GLDI, DSLV, SLVP, DGL, DBS, GLTR, DGZ, RING, AGOL, DGLD, OUNZ, DBP, GGGG, WITE, PSAU, TBAR, USV, UBG, JJP, GLDE, GYEN, GLDL, RGRP, GLDS, GEUR, GGBP, BLNG