Summary Box: Gold falls below $1,600

AP News
Posted: Sep 26, 2011 6:02 PM
Summary Box: Gold falls below $1,600

GOLD, SILVER DOWN: Gold slumped $45, or 2 percent, to close at $1,594.80. Silver dropped 0.4 percent to end at $29.976 an ounce.

DEEP SLUMP: Gold plunged 9.6 percent last week, following the stock market lower. Silver also lost 10.7 percent. The slump has marked a sudden turnaround for gold contracts, which were trading for $1,859.50 an ounce earlier this month.

STILL HIGHER: Even after falling, gold is still up 26 percent from this time last year. Silver is up 44 percent. Over the same time period the S&P 500 index is up just 1.2 percent.