Commodities Slumped as Upbeat GDP Report Lifted USD

31 October 2014 31 October 2014

AdelaidHarlan

Commodities slumped on USD's strength, which was supported by upbeat US GDP report and the Fed's confirmation of the end of QE. The front-month contract for WTI crude oil fell -1.31% while the Brent crude contract slipped -1.01%. The benchmark Comex gold contract plummeted to as low as 1195.5, a level not seen since October 6, before ending the day at 1198.6, down -2.15%.