NEW YORK: Gold slumped over 3% on Monday, sliding to its lowest level in more than a month, as a broader market sell-off driven by uncertainty over more US fiscal stimulus pressured the precious complex along with a stronger dollar.
Silver plunged 8.3% to $24.53 as of 1:49 p.m. EDT (1749 GMT), its lowest level in over a month.
Spot gold dropped 2.1% to $1,909.05 per ounce, after falling as much as 3.4% earlier in the session, its lowest since Aug. 12. US gold futures settled down 2.6% at 1,910.60.
"Gold should be trading higher on safe-haven demand but it's kind of a repeat back like in the spring when the market sell-off comes, market participants have been selling off assets across the board," said Bob Haberkorn, senior market strategist at RJO Futures.
Gold prices are down nearly 10% from an all-time high hit in early August as hopes of further stimulus dwindled.
In other metals, platinum declined 5.2% to $879.48 after falling as much as 8% earlier in the session and palladium dropped 3.9% to $2,265.10.
Comments
Comments are closed.