Oil And Gold Plummet Sharply
ICM Brokers | May 27, 2015 03:56AM ET
CL
Crude futures plummeted sharply on Tuesday, reaching its lowest levels in the month of May, amid a stronger dollar and geopolitical concerns in the Middle East. The greenback surged after a burst of U.S. economic reports supported the view that the Federal Reserve could start raising interest rates later in the year. Meanwhile, there were reports of ongoing fighting and airstrikes in the Anbar province west and south of the city of Ramadi, which was seized by fighters from the Islamic State early last week.
GOLD
Gold futures fell sharply on Tuesday following the Memorial Day holiday weekend, as a wave of optimistic U.S. economic data pushed the dollar to its highest level in four weeks. Gold extended falling to a session-low of $1,185.80 after a burst of economic reports provided indications that the Federal Reserve could institute an interest rate hike at some point this year.
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