Gold, Oil Futures Sharply Lower In Europe Trading

Oil and gold prices pushed sharply lower in European trading hours on Monday, tracking losses for riskier assets such as equities and as the dollar climbed.

Weighing, the World Bank cut its forecast for China growth to 7.7% from its May estimate of 8.2% and there are also concerns Friday’s strong U.S. jobs report will reduce the need for further quantitative easing. Oil for November delivery fell $1.44, or 1.6%, to $88.43 a barrel, while brent crude for November delivery dropped $1.28, or 1.1%, to $110.73 a barrel. Gold and other metals also fell. Gold for December delivery dropped $10.20, or 0.6%, to $1,770.60 an ounce.

Silver for December deliver dropped 65 cents, or 1.9%, to $33.92 an ounce. Platinum for January delivery tumbled $22.20, or 1.3%, to $1,685 an ounce.

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