Producers of metals, grains and other raw materials fell sharply as investors worried that the Federal Reserve could raise interest rates. The stronger dollar added pressure to dollar-sensitive gold, which dropped $113.60 in the session.
Materials Slide as Fed Rate-Hike Fears Lift the Dollar
Gold futures fell 2.9% to $3,878.40 a troy ounce, their lowest settlement in more than a year, as mounting fears of Federal Reserve rate hikes weighed on raw materials and the U.S. dollar reached another 52-week high against major peers.
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