Gold prices are plummeting, joining the broader market meltdown on growing recession fears.
August gold futures plummeted more than 2 percent to around $1,765 per ounce on the COMEX division of the New York Mercantile Exchange. This is the lowest level since December 2021.
The yellow metal is down more than 3 percent over the last week, adding to its year-to-date loss of about 3.5 percent. However, over the last 12 months, gold prices have held steady, sliding just 1.2 percent.
But the entire metals market is bleeding red ink on the first day back from the Fourth of July holiday.
August silver futures fell nearly 3 percent to just above $19 per ounce. August copper futures added to their immense losses, with the red metal declining more than 4 percent to $3.44 per pound. August platinum futures lost 2.4 percent to $850 an ounce, while August palladium futures erased roughly 2 percent to $1,900 per ounce….