Gold Meltdown as Risk-On Returns, Dollar Rallies

© Reuters.

By Barani Krishnan – Gold plummeted to four-month lows below $1,835 an ounce on Monday as renewed risk appetite across markets and a stronger dollar redirected money from the safe haven into stocks and other risk assets like oil.

was down $38.30, or 2.1% at $1,834.10 by 10:53 AM ET (15:53 GMT), after tumbling to 1,831.25 earlier, its lowest since July. 

The , which reflects real-time trades in bullion, was down $34.22, or 1.9%, to $1,836.85 after an intraday low at 1,833.91.

Wall Street’s was up 0.8% while the edged 0.2% higher. Risk assets took off after progress reported by AstraZeneca (NASDAQ:) in its Covid-19 vaccine trials.

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