Gold Plunges Below USD3,900 as Oil Surges
Spot gold changed hands at $3,880 per ounce at 1750GMT, a 3.5% drop on the day. The metal has now shed 7.14% over the past month and 10.19% over the past year.
Silver fared worse, tumbling 6% to $49 per ounce and deepening its year-on-year decline to 31.1%.
Energy markets moved in the opposite direction. Brent crude futures climbed 2.7% to $113.7 per barrel, after spiking above $117 earlier this week to touch their highest level since July.
European natural gas prices stood at €103.5 ($115.4) per megawatt-hour, hovering near their highest level since late 2022.
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