Comex Gold Plunges by 1.43% to $27,737.50 in Largest One-Day Fall Since December 19.
Gold prices have taken a significant hit, with Comex gold plummeting by 1.43% to $27,737.50 today, marking the largest one-day decline since December 19. This sharp drop is attributed to rising interest rates and a strengthening dollar, which has made gold less attractive as an investment option.
The price of front-month Comex gold for January delivery fell $39.80 per troy ounce to reach this new low. This move represents the biggest single-day percentage decrease since December 19, when prices saw a similar decline.
Market analysts are attributing the sharp fall in gold prices to rising interest rates, which has increased the cost of holding physical gold and reduced its appeal as an investment option. Additionally, a strengthening US dollar has made gold more expensive for investors who hold it as an alternative asset class.
Gold prices have taken a significant hit, with Comex gold plummeting by 1.43% to $27,737.50 today, marking the largest one-day decline since December 19. This sharp drop is attributed to rising interest rates and a strengthening dollar, which has made gold less attractive as an investment option.
The price of front-month Comex gold for January delivery fell $39.80 per troy ounce to reach this new low. This move represents the biggest single-day percentage decrease since December 19, when prices saw a similar decline.
Market analysts are attributing the sharp fall in gold prices to rising interest rates, which has increased the cost of holding physical gold and reduced its appeal as an investment option. Additionally, a strengthening US dollar has made gold more expensive for investors who hold it as an alternative asset class.