Gold slumps in its worst two-day loss in 30 years

Gold slumped anew yesterday, racking up its worst two-day loss in 30 years, and investors dumped stocks and other commodities after weaker-than-expected Chinese data raised concerns about the global outlook.

Gold dragged other metals lower as its price plunged to a more than two-year low. Brent crude fell towards $100 a barrel, while on Wall St stocks were down more than 1%.

Spot gold dropped as much as 8% yesterday alone, falling as low as $1,355.80 an ounce. In the last two sessions gold has fallen over 12%, making for the worst two days since late February 1983.