Gold Slides To Five Week Low As Commodities Hammered

September 22,2020

Gold tumbled yesterday as commodities went for a toss amid a heavy slide in equities. Global stocks slumped as rising Covid-19 cases in Europe and worries over economic growth hurt the sentiments. While stocks were hammered the safe-haven US dollar, measured by US Dollar Index rose nearly 1%. US Treasury bonds, also a safety investment, also saw high demand Monday as the 10-year bond yield dipped to a near 3 week low of 0.65%. Gold was seen sliding in an accelerated manner as prices fell through $1950 per ounce and tested a five week low under $1890 per ounce. The counter saw some buying afterwards and pulled back above $1900 per ounce mark. However, an intraday tumbled of more than $70 has created some panic in Gold market now. COMEX Silver also tanked around 10% in intraday moves.

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