Gold extends slump in turbulent week
London
GOLD prices hit a four-year low last week, hit by persistent dollar strength, while crude oil plumbed multi-year troughs on fears over Saudi price cuts and plentiful supplies.
A rebounding greenback makes dollar-priced commodities more expensive for buyers using weaker currencies. That tends to dent demand and prices.
"The precious metal sector was the hardest hit for a second week in a row with both gold and silver continuing to be sold," said Saxo Bank analyst Ole Hansen. "Gold . . . continues to suffer from the adverse impact of a rising dollar and falling energy prices."
Gold plunged to US$1,131.…
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Keppel Pacific Oak US Reit posts 8.8% fall in distributable income for Q1
Billionaires selling cheap stuff get richer from inflation pain
UBS plans next round of layoffs in Credit Suisse integration
Stocks to watch: CDL, DFI Retail Group, Cordlife, First Resources
Philippine central bank’s deputy governor sees upside risks to inflation
Amazon to push cashierless shopping tech into more third-party stores, while backing off itself