Gold’s five session win streak of new all-time highs ended with a bang on Tuesday.
COMEX gold futures – per the December contract – surged to a fresh high of $1,917.90 in overnight trading, but subsequently tumbled amid broad-based liquidation in precious metals.
Gold futures settled lower by $30.60, or 1.6%, at $1,861.30 per ounce on the COMEX, but extended their losses in electronic trading later this afternoon. The December contract reached an intra-day low of $1,831.70 as of 3:11pm ET.
The yellow metal showed little if any reaction to reports of a 5.9 magnitude earthquake on the east coast of the U.S. that hit at approximately 1:51pm ET and lasted 45 seconds. Fortunately no injuries were reported from the earthquake.
Silver dropped alongside gold, with the COMEX September contract falling $1.60, or 3.7%, to $41.73 per ounce.
Platinum declined as well, by $32.70, or 1.7%, to $1,873.00 per ounce.
In contrast to precious metals, cyclical commodities such as copper and oil rallied 1.4% to $4.01 per pound and 1.7% to $85.88 per barrel.