Monday, September 30 saw reality hit gold hard with the Comex price shedding more than $US33 or 2.2% to slash the gains for the month and quarter and return to August levels.
Oil continued to lose, copper was shaky and other commodities also lost some of their sheen as the confusion caused by Donald Trump in trade and global politics continued to batter confidence globally.
Gold for December delivery on Comex plunged $US33.50, or 2.2%, to settle at $US1,472.90 an ounce—the lowest finish for the most-active since contract since August 2, according to FactSet.
For September, gold shed 3.7% but rose 3.4% over the past three months.
Comex December silver lost 65.4 cents, or 3.7%, to end at $US16.998 an ounce—the contract’s first finish below $US17 since early August. It lost more than 7% in September but jumped more than 10% for the quarter.
And December Comex copper shed 0.7% to $US2.5785 a pound, for a monthly gain of 1%, but prices still fell more than 5% for the quarter.
Oil saw a similar situation on Monday and for the quarter thanks to reports that Saudi Arabia had restored oil production back to levels before the drone attack two and a half weeks ago.
November West Texas Intermediate oil fell $US1.84, or 3.3%, to end at $US54.07 a barrel in New York, the lowest front-month contract finish in a month. The contract lost 1.9% for the month and 7.5% for the quarter.
In Europe, November Brent crude which expired at the end of the session, fell $US1.13, or 1.8%, to $US60.78 a barrel, the lowest in three weeks. Brent was up 0.6% for September but lost 8.7% for the quarter.
The 10-year Treasury note yield was virtually unchanged at 1.678%, but was up 17.2 basis points for the month, marking its biggest monthly rise since September 2018. For the quarter, the 10-year yield declined 32.5 basis points