Gold futures shed $139.60, a 3.38% drop, to settle at $3,990.30 per troy ounce. The metal is now trading more than 25% below its 2026 highs, reflecting the sudden collapse of the "dollar debasement" trade. Silver fared worse, tumbling 6.4% to $58.05 an ounce, effectively cutting its value in half since the January peak. Hedge funds, which previously anticipated that the U.S. central bank would slash interest rates faster than global peers, are now aggressively unwinding those positions.
In section Market Quotes
Commodities Slide as U.S. Dollar Hits 13-Month Peak
The U.S. dollar surged to a 13-month high on Wednesday, triggering a sharp sell-off across raw material markets and precious metals. This reversal marks a painful pivot for investors who spent the better part of 2026 betting against the greenback, leaving gold and silver prices reeling from their earlier record peaks.
In a separate development, Chemours reached a $450 million settlement regarding allegations that the company utilized "forever chemicals" within its product line. The deal marks a significant financial resolution for the manufacturer amid broader volatility in the materials sector.
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