Commodity Markets Hurt By Rising U.S. Dollar

The prices of industrial metals fell and gold prices fluctuated wildly as the U.S. dollar continues to gain

The American greenback extended gains to a record in a tumultuous start to the week that also saw the
British pound hit a record low and China’s currency neared its weakest level since 2008.

Investors are turning to the U.S. dollar as a safe haven as monetary tightening clouds the economic
outlook, putting pressure on commodities.

Most base metals traded lower, with copper dropping as much as 2% and nickel slipping 4.5%. Gold
steadied, after earlier touching the lowest in more than two years.

Gold has now entered a bear market, trading at a level 20% below its record high in 2020.