On Monday, the new week got off to a bad start with gold incurring its biggest one-day drop since the 1980s. Silver also declined, 11 percent, to lows seen two years ago.
The declines came after released Chinese data proved to be disappointing, driving concerns for the demand on industrial metals.
Gold for June delivery fell?$140.30 (9.3%) to $1,361.10 an ounce, with prices hitting as low as $1,355.30.
For gold prices, it was its?biggest one-day percentage drop last seen in February 1983, reported MarchWatch, with its single-day dollar decline as the great since January 1980 and the second highest in its history.
Over on CBOE, the VIX closed at 17.27, up 5.21 (43.20%). This represented its highest close since the end of February.?
According to the Wall Street Journal,?SPDR Gold Trust (GLD) trading volume was at seven?times its average on Monday, recording its heaviest volume on record. This surpassed the previous one set in December 2009. With an hour left in the trading day, 79 million?shares-plus had trading, reported FactSet.?
For the day, GLD closed at $131.31, down $12.64 (8.78%).