(Bloomberg) — Gold tumbled in a sudden selloff across financial markets, with some traders dumping metals to cover losses in the equities market. Silver and copper also plunged.
US technology stocks fell amid renewed concerns over whether massive investments in artificial intelligence will materialize in a big way. Some investors had to exit positions in commodities including metals to provide liquidity.
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Bullion fell as much as 4.1% while silver plunged 10%. Copper on the London Metal Exchange declined 2.7%.
“It all happened so quickly and feels like a ‘risk-out’ move,” said Nicky Shiels of Mks Pamp SA.
Some of the selloff in gold and silver also stemmed from profit-taking as the metals’ most recent blistering rally was driven partly by speculative buying.
“For gold and silver, a great deal of trading remains sentiment and momentum driven. On days like these they will struggle,” said Ole Hansen, a commodity strategist at Saxo Bank.
Spot gold fell 2.7% to $4,951.23 an ounce as of 11:37 a.m. in New York. Silver dropped 7.4% to $77.98 an ounce. Platinum and palladium fell. The Bloomberg Dollar Spot Index, a gauge of the US currency, was little-changed.
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