Gold futures are plummeting to their lowest levels in about 17 months to kick off the trading week. The yellow metal is flirting with $1,200 as the US dollar is receiving a boost thanks to the financial crisis unfolding in Turkey.
December gold futures tumbled $15.70, or 1.29%, to $1,203.30 per ounce at 16:07 GMT on Monday. Gold, which recorded a tepid weekly loss of 0.3% last week, is trading at its worst level since March 2017 as investors flee the precious metal.
Silver, the sister commodity to gold, is also crashing to start the trading week. September silver futures shed $0.23, or 1.54%, to $15.06 an ounce. The white metal is also inching below the crucial $15 threshold as prices posted a 1% loss last week.
The US dollar is continuing its rally on Monday as the greenback surged 1.28% to 96.39, a
A strengthening buck, lodging a 1.23% weekly gain, is bad for
Rather buying gold as a
According to the US Commodity Futures Trading Commission (CFTC), traders are dumping gold: hedge funds and money managers have added more than 22,000 contracts to their net short positions, raising the total to 63,282 contracts, a record high.
Other metal commodities are dropping on Monday. September copper futures were flat at $2.73 a pound. September platinum futures cratered $26.40, or 3.18%, to $803.20 an ounce. September palladium futures fell $13.00, or 1.44%, to $888.10 per ounce.
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