Gold slides for 10th day, settles below $1,100

The rout in gold prices continued on Wednesday, with the front-runner contract suffering from a 10th straight session of losses to settle below $1,100 an ounce for the first time since late March of 2010.

August gold GCQ5, +0.54%  shaved off $12, or 1.1%, to settle at $1,091.50 an ounce on Comex. That was lowest settlement for a most-active contract since March 24, 2010.

After a choppy session Tuesday, gold fell for a ninth straight day, its longest string of declines since September 2008.

“The perfect storm for gold continues to intensify with the metal price falling back under $1,100 on a combination of factors,” said Colin Cieszynski, chief market strategist at CMC Markets.

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