Gold Futures Plunge Amid Global Market Downturn

Global markets saw significant declines on Thursday, with gold and silver futures experiencing losses. On the New York Mercantile Exchange, August gold futures dropped by 2.45% to settle at $4050.20 per ounce, while September silver futures fell by 3.72% to close at $58.054 per ounce.

U.S. stocks also suffered heavy losses as Alphabet and Tesla shares plummeted after the companies released their quarterly results. Alphabet's decision to raise its capital expenditure guidance sparked concern about near-term returns on investment for AI infrastructure, leading to a nearly 7% drop in the company's share price. Tesla, meanwhile, saw its stock fall by 14.52% after missing earnings expectations and cautioning that 2026 would be a 'massive capex year'.

The Dow Jones Industrial Average fell by 506.93 points, or 0.97%, to 51,711.65, while the Standard & Poor's 500 sank 90.66 points, or 1.21%, to 7,408.3. The Nasdaq Composite Index shed 553.21 points, or 2.15%, to 25,137.69.