Gold plunges sharply and suddenly

Gold traders were greeted with a jolt on Monday morning. The precious metal plunged nearly $US20 in a matter of seconds right around 4 a.m. ET. The price sank from about $US1254 an ounce to a low of $US1,236. Gold has recovered a portion of those losses, but still trades down 1% near $US1,244.

The precious metal has had a solid start to 2017, gaining 7.36% year-to-date. However, the yellow metal has struggeld to break through its pre-election level of about $US1,300.

Gold prices fell in the wake of Donald Trump’s election win as traders speculated Trump’s pro-business agenda would spark robust economic growth in the United States. That put a charge in the US dollar, and weighed on gold.

Get the latest Gold price here.

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