Gold Prices Down as Investors Fear Economic Slowdown

Reuters reported that anticipation of China slowing its manufacturing and growth caused gold prices to drop.

As quoted in the market news:

Spot gold was down 0.7 percent at $1,637.60 an ounceby 12:47 p.m. EST (1647 GMT). The metal earlier hit a low of $1,627.68, its weakest since Jan. 13. Gold has given back the gains in January that had beenbased on expectations of further U.S. monetary easing, as the Federal Reserve has offered few clues on any further action.

Click here to read the full Reuters report.