Tech rout pushes gold futures to one-year low
In short
US gold futures for December delivery fell 3.3% to $3,898.90 per ounce.
The report says a tech selloff helped push gold lower, and white metals also sank. It is still unclear how long the weakness will last.
What the reporting says
US gold futures for December delivery settled 3.3% lower at $3,898.90 per ounce after a tech rout, according to CNBC TV18 Market. The report says white metals also sank deep into oversold territory. It does not state why the tech selloff hit gold, or whether the decline will continue.
Why it matters
US gold futures for December delivery settled 3.3% lower at $3,898.90 per ounce after a tech rout, according to the market summary. The report also says white metals sank deep into oversold territory. The immediate effect is a sharp drop in precious metals prices, but the source does not say whether the move will persist or what specifically drove the tech selloff.