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Metals

Gold closed 3-percent lower today, with the December contract settling $24.70 lower at $810.50 an ounce. Strength in the U.S. dollar, and falling energy prices reduces the appeal of precious metals as a hedge against inflation. Gold experienced its largest one day percentage drop since August 11.

Hedge funds and other large speculators reduced their net long gold futures position by 6-percent in the week ended Aug. 26, as per data by the U.S. Commodity Futures Trading Commission. Speculative long positions still outnumbered short positions by 105,279 contracts.

Copper closed nearly 4-percent lower today, with the December contract settling 12 cents lower at $3.27 a pound. Speculation that the global economy will continue to slow, reducing demand for copper which is used in construction continues to send copper lower.

December silver settled 56.2 cents lower at $13.145 an ounce, October platinum settled $86.30 lower at $1,403.50 an ounce, and December palladium settled $13.75 lower at $293.05 an ounce.

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