Gold futures continued Friday's free fall overnight as fresh economic data out of China renewed fears of a global slowdown. On Friday, gold officially entered a bear market, falling below $1,500/oz for the first time in almost two years. Last night, spot gold broke well over 6% and touched its lowest levels since March 15, 2011. Overnight spot gold futures reached 1385, which represents a decline of over 100 from Friday's close.
Chinese GDP grew 7.7% on an annualized basis during the first quarter of the year after growing at 7.9% during the fourth quarter of 2012. Economists were expecting growth of about 8%. Moreover, Chinese industrial production rose 8.9 % in March, which seems strong until compared with the 10.1% forecast by economists.
Gold wasn't alone in the commodities that got massacred overnight. Silver is down over 11% and WTI Crude touched its lowest level since December 21, 2011 as it slid into the 88 handle.