THE TELEGRAPH: Stocks, gold and oil have plunged in a global market rout driven by fears about AI spending and the outlook for interest rates.
Asian markets were pummelled and Wall Street was expected to open lower as a sell-off in precious metals fuelled a downturn across the world.
Gold was down as much as 7pc to nearly $4,400 an ounce, less than a week after hitting a record high close to $5,600. Silver plummeted by as much as 14pc to less than $72, having tipped above $120 for the first time last week. Oil was also down around 5pc to less than $66 a barrel.
Tim Waterer, chief market analyst at KCM Trade, said: “Traders are unnerved by the market tumult witnessed on Friday in precious metals.”
Gold and silver sold off sharply at the end of last week as a string of concerns swept the market, from Donald Trump’s trade war to the latest batch of tech earnings.
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