Gold Drops to $1150 after Swiss Vote

Gold slid 2 percent on Monday and silver slumped to its lowest since 2009 after Swiss voters overwhelmingly rejected a proposal to boost central bank gold reserves, providing a new trigger for sell-offs in an already nervous market.

The “Save our Swiss gold” initiative, which would have compelled the Swiss National Bank to boost its gold reserves to 20 percent of its assets from around 8 percent currently, was rejected by 77 percent of voters.

Spot gold dropped as far as $1,142.91 an ounce, its lowest since early November when it marked a 4-1/2 year low of $1,131.85. It was down 1.6 percent at $1,148.01 by 0107 GMT.


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