Gold Prices Plummet, Precious Metals Diverge
Business & Finance News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Gold prices edged up slightly on Tuesday, but are on track for their worst monthly drop since 2008, down over 8% this month. U.S. gold futures also gained, but analysts like Edward Moya from OANDA say gold is struggling to find a floor due to a strong dollar and rising interest rates. Recent economic news, including a surge in single-family home sales and Midwest manufacturing, has given the Fed room to keep raising rates, further hurting non-yielding gold. However, silver, platinum, and palladium have not been as affected and have seen gains in recent days.
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