Gold eyes worst two days since 1983

Gold bars are seen in this picture illustration taken at the Istanbul Gold Refinery in Istanbul March 12, 2013. Credit: Reuters/Murad Sezer

Gold bars are seen in this picture illustration taken at the Istanbul Gold Refinery in Istanbul March 12, 2013.
Credit: Reuters/Murad Sezer

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By Veronica Brown and Barani Krishnan (Reuters) | Mon Apr 15, 2013 2:50pm EDT

LONDON/NEW YORK - Gold headed for its biggest two-day drop in 30 years on Monday and oil, copper and grains prices also tumbled as investors fled most financial markets after disappointing Chinese economic data underscored global growth worries.

With U.S. stocks on track for their first two-day losing streak in a month and Treasuries prices near flat, few assets appeared to be taking in new money amid growing caution the world economy was headed for another recession.

"I think everyone's going cash. People are either not deploying capital or just taking profit," said Sean McGillivray, vice president of asset allocation at Oregon's Great Wealth Pacific Management, a commodities-focused asset manager.

Commodities-linked currencies such as the Australian and New Zealand dollars declined more than 1 percent against the U.S. currency, weighing further on energy, metals and crop prices.

"Nearly every commodity has taken a hit today. The only markets in the world that have been kind of detached from this are the German and French stock markets and U.S. large cap stocks," said James Dailey at Pennsylvania-based TEAM Financial Asset Management.

(Additional reporting by Manolo Serapio Jr in Singapore and Eric onstad in London; Editing by Jane Baird and Jim Marshall)
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