Gold and Silver Prices Plummet Amid Broader Market Downturn
International gold and silver prices declined on Thursday, with both experiencing significant losses. On the New York Mercantile Exchange, gold futures for August delivery plummeted by 2.45% to settle at $4050.20 per ounce. Silver futures for September delivery dropped 3.72% to close at $58.054 per ounce.
The decline in gold and silver prices coincided with a broader market downturn on Thursday, as investors reacted to higher capital expenditure guidance from Alphabet and Tesla. The Dow Jones Industrial Average fell by 506.93 points, or 0.97%, to 51,711.65. The Standard and Poor's 500 sank 90.66 points, or 1.21%, to 7,408.3.
The decline in Alphabet shares was particularly sharp, with the company losing nearly 7% on Thursday after posting fundamental financial results. Tesla also suffered significant losses, plummeting 14.52% after delivering a second-quarter earnings miss.