NEW YORK (MarketWatch) -- Gold saw its biggest slide in 16 months Thursday, joining other metals in a broad sell-off of commodities and stocks, as investors fled to the safety of the U.S. dollar over mounting concerns about the debt of several European countries.
Adding to the pressure on commodities during U.S. trading hours, the Labor Department reported an unexpected rise in weekly jobless claims, rekindling concerns about growth ahead of the key monthly employment report on Friday.
Gold for April delivery slumped $49, or 4.4%, to end at $1,063 an ounce at the New York Mercantile Exchange. That was its biggest one-day percentage drop since Oct. 2008.
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