Gold Prices Record Biggest Monthly Fall Since 2008
Gold prices dropped sharply on Tuesday and are on track for their biggest monthly loss since October 2008.
The price of spot gold fell 1.5 percent to $3,956.92 per ounce by 02:21 GMT. So far this month, gold has lost 12.7 percent in value. If this trend continues, it will be the fourth month in a row that gold prices have declined.
US gold futures for August delivery also moved lower, falling 1.7 percent to $3,969.30 per ounce.
Other precious metals also saw losses. Spot silver dropped 2 percent to $57.13 per ounce. Platinum fell 1.1 percent to $1,557.21 per ounce, while palladium slipped 0.4 percent to $1,208.17 per ounce.
Market data shows that silver, platinum and palladium are also expected to end both the month and the second quarter with losses.
Gold is often seen as a safe investment during uncertain times. However, recent market conditions and weaker demand have pushed prices lower, leading to the biggest monthly decline in nearly 18 years.
