Gold in exchange-traded funds and products plunged $20 billion and is heading for the biggest monthly drop ever after central bank easing and slumping global economic growth failed to avert a bear market in the metal.
Copper reached a nine-month low in London as commodities fell after economic growth was weaker than estimated in China, the world’s biggest consumer of raw materials from industrial metals to soybeans.
Nickel extended the biggest weekly drop since 2011 in London and aluminum fell after figures showed manufacturing is expanding at the slowest pace in four months in China, the world’s largest consumer of the metals.
Gold, trading near a record in London, may climb on concerns over the strength of the U.S. economic rebound and rising inflows into exchange-traded products. Silver pared gains after advancing to a 30-month high.