Precious metals prices
fell across the board on Monday, with gold and silver hitting
10-day lows, as a sharply lower stock market and a higher
dollar triggered a sell-off in all precious metals and other
commodities.

Gold slipped nearly 5 percent to its weakest level since
Nov. 21, while platinum and palladium tumbled 8 percent as
investors fretted over the outlook for demand.

“Right now, it’s still all about stocks and about the
dollar. We have very little independent pricing at the moment,”
said Frank McGhee, head precious metals trader at Integrated
Brokerage Services.

“I would not be surprised to see if gold futures can run
down to the $700 level potentially,” McGhee said.

Spot gold <XAU=> was at $775.70 at 2:15 p.m. EST (1915
GMT), down 4.6 percent from Friday’s close of $813.00. Silver
<XAG=> fell to $9.30, 9.4 percent lower than its Friday close
of $10.26.  Continued…

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