The prices of industrial metals fell and gold prices fluctuated wildly as the U.S. dollar continues to gain
strength.
The American greenback extended gains to a record in a tumultuous start to the week that also saw the
British pound hit a record low and China’s currency neared its weakest level since 2008.
Investors are turning to the U.S. dollar as a safe haven as monetary tightening clouds the economic
outlook, putting pressure on commodities.
Most base metals traded lower, with copper dropping as much as 2% and nickel slipping 4.5%. Gold
steadied, after earlier touching the lowest in more than two years.
Gold has now entered a bear market, trading at a level 20% below its record high in 2020.