Gold fell, capping the biggest two- day plunge since 1983, on investor sales following routs in global equity and commodity markets.

More than $3.4 trillion has been erased from equity values this week, sending a global measure of shares into a bear market, on concern that governments are running out of tools to avert a recession. The Standard & Poor’s GSCI Index of 24 commodities fell to a nine-month low today. Gold has dropped 15 percent since reaching a record $1,923.70 an ounce on Sept. 6.

“It’s difficult to say at what level this liquidation will stop,” Frank Lesh, a trader at FuturePath Trading in Chicago, said in a telephone interview. “Slowing growth has created pressure on gold and commodities from the deflation angle.”

“We are seeing a flight to cash because 2008 is still very fresh in people’s minds,” Marshall Berol, a co-portfolio manager of the Encompass Fund in San Francisco, said in a telephone interview.

In October 2008, gold prices tumbled 18 percent as the most-severe slump since the Great Depression spurred losses in global equity and commodity markets. The metal jumped 23 percent in the next two months.

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