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Industrial Metals, Gold Slide Over Dollar Rally, Recession Fears

  • Copper slips to lowest since July as growth fears take hold
  • Global bond yields continued to rally, weighing on gold
Inside a Gold and Silver Refinery In India
Photographer: Anindito Mukherjee/Bloomberg
Updated on

Industrial metals fell along with gold after the dollar soared to a record amid persistent concerns that global central banks’ monetary tightening will lead to a recession. 

The pound extended its slide after the Bank of England said it may not act before November to stem a rout that took the sterling to a record low. That helped the greenback extend its strength against every single major currency, and weighed on commodities that are priced in the US currency.