29 May 2024

Gold Prices Drop to 34-Month Low

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Gold prices are on track to lose nearly 25% this quarter after sliding to a 34-month low.

The August contract for gold fell more than 4% to $1,227.10 an ounce early Wednesday, taking the price down to the lowest level since August 2010. Prices had been nearly $1,600 at the start of the quarter and had topped $1,900 for the first time last August.

Fears that the Federal Reserve will pull back on stimulus has been particularly bad for gold, which had been driven higher by worries that the Fed's stimulus efforts would weaken the dollar and cause inflation.

The selling spilled over to gold mining operators as well. Randgold Resources (GOLD) and Barrick Gold (ABX) were both down more than 4%, and the SPDR Gold Shares Trust (GLD) ETF slid nearly 4%. Silver prices also fell more than 5%.


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