The damage done to market leaders over the past three sessions will likely take several weeks to repair in order to create a new base for another potential rally.
Traders said that gold sales to China had jumped 30-50 per cent since Christmas, driving the cost of kilo bars in Hong Kong more than $3 per ounce above the market price of gold, the highest level since 2008 and an indication of the tightness in the physical market.
The stock market indices ended the week on a sour note. Although the Dow and S&P 500 were still up on the day, they fell substantially off the highs and the Nasdaq 100 plunged into negative territory, closing down on the day.
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