Reported 2 months ago
Commodities such as copper, gold, and crude oil saw significant declines as a global financial meltdown escalated. Traders rushed to liquidate profitable positions and place bearish bets in response to alarming US economic data. Copper fell nearly 3.8%, and precious metals like silver dropped over 7%. Concerns about a potential recession are causing hedge funds to shift toward bearish positions, while gold, despite its usual safe-haven status, was also impacted as investors sought liquidity elsewhere.
Source: YAHOO