Gold futures fall more than 2% to settle at the lowest price of the year

Gold futures dropped by more than 2% on Tuesday to settle at their lowest price of the year so far. The yellow metal fell along with silver, copper, and other commodities amid a technical breakdown, said Chintan Karnani, director of research at Insignia Consultants. “Recession fears and faster interest rate hikes by most central banks have accelerated the sell off,” he said. “There is also fear that Chinese domestic economic growth in the third quarter will be less than expected.” August gold declined $37.60, or 2.1%, to settle at $1,763.90 an ounce, marking the lowest most-active contract settlement since early December, FactSet data show.

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