Gold and other metals plunged Tuesday, as concerns over the impact of rising interest rates
Gold and other metals plunged Tuesday, as concerns over the impact of rising interest rates on global growth continued to affect speculative markets.
Gold for August delivery plunged $44.50, or 7.28%, to close at $566.90 an ounce. It was the worst single-day percentage decline for gold since January 1991.
The selloff was even more pronounced for silver, with the July contract losing $1.44, or 13%, to $9.62 an ounce. Copper for July delivery dropped 21 cents, or 6.8%, to $3.01 a pound. Both routs were the worst percentage declines in more than a decade.