Aug 5 - Gold fell more than 2% on Monday, caught in the slipstream of a global, wider market selloff driven by mounting economic concerns, although analysts said this would be a temporary correction for the safe haven.
"Investors are spooked and they're selling what they can, and that includes gold and silver," said Jim Wycoff, senior analyst at Kitco Metals. Platinum fell 4.3% to $917.10 and palladium lost 3.5% to $859.00 after hitting its lowest since August 2018. The two metals are used in engine exhausts to reduce emissions.
Treasury bonds, meanwhile, were in demand, with U.S. 10-year yields touching the lowest since mid-2023 as fears of a recession worsened after a bleak July payrolls report.
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