Gold in freefall as it suffers worst monthly run for 16 years

Gold has suffered the longest run of monthly falls since 1997 after the metal declined for the fifth month in a row in February.

Spot gold fell through $1600 an ounce for the first time since August last month and finished trading in February at $1,578, having retreated 12% from a peak just below $1,800 back in October. The gold price fell 5% in February alone as demand for the safe haven metal declined amid signs of a turn in the economic cycle and positive gains for stock markets around the globe, continuing a trend seen in the final quarter of 2012. Gold ETFs - a key driver of the gold price - have seen massive outflows in February, with SPDR Gold Trust (GLD), the world's largest gold ETP, on track for its l...