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.
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Gold Tumbled 15yrs Low
Gold and other metals plunged Tuesday, as concerns over the impact of rising interest rates