Monday mining massacre as gold, copper, iron ore prices tank – by Frik Els ( – September 21, 2020)

The gold price fell to its lowest in nearly two months on Monday as the US dollar strengthened and a drop on global stock markets failed to translate into safe-haven demand for the precious metal.

US gold futures fell by as much as $77.50 an ounce, or 3.9% from Friday’s settlement, hitting a low of $1,885.40 on the Comex market in New York before recovering some of those losses to trade above $1,900 by early afternoon. Trade was heavy with nearly 36m ounces exchanging hands by 2 pm.

Copper prices dropped by more than 3% from fresh 2-year highs reached on Friday but managed to stay above the pivotal $3.00 a pound level.

Copper for delivery in December exchanged hands for $3.0135 per pound ($6,645 a tonne) by early afternoon amid heavy selling with contracts totalling 2.5 billion pounds of copper traded in New York.

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