Gold prices collapsed below $1,750 an ounce for the first time since March last year. The current quote of the precious metal is $1,735.55 per ounce. Analysts say the main driver of the decline is the strengthening of the US dollar to a maximum in 22 years paired with the single European currency (the EUR/USD pair rate is 1.0163). Silver also shows a decline to $18,815. September palladium contracts fell to $1,882 per ounce, October platinum contracts fell to $854 per ounce. Aluminum on the London Metal Exchange fell to a minimum for the year amid sluggish demand and significant production volumes. Contracts for delivery in three months decreased in price to $2,427 per ton. Experts note that base metals are now under significant pressure, as the aggressive monetary policy of the world's central banks threatens to slow down the pace of global economic growth. And a recession, in turn, will lead to a drop in demand for commodities and metals.
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