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Commodity News Details
Gold melts 2% as safe haven edge fails to keep in near record high
05-Aug-2024 18:07
Gold tumbled today, following other metals and commodities lower as global markets saw a massive fall. Equities witnessed a total collapse as worries over US recession and worsening geopolitical scenario weighed on the sentiments. However, the losses in Gold which hit a fresh record high near $2500 per ounce last week reflect that even the safe haven edge of the commodity is not working right now. Soaring Japanese Yen, which jumped around 3% against the US dollar today is adding another layer of worry for markets as it led to an epic 12% crash in Nikkei index. COMEX Gold is off 2% at $2418 per ounce right now.

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