Commodities: Gold, Oil, Copper All Down Steeply in World Markets Plunge
Crude oil is down 3.5% this morning, falling $3.63 to $97.55 a barrel as Japan's nuclear crisis continued. Natural gas, which gained yesterday on expectation of higher demand as an alternative to nuclear fuel at power plants, is reversing course and declining today.
Precious metals are declining with gold sliding $39.90 -- or 2.8% -- to $1,385.70 an ounce. Platinum is matching that percentage decline while silver is off 5.4% to $33.92 an ounce. Industrial metals, including copper, likewise are down.
The declines are spilling over into equities, with Barrick Gold Corp (ABX.TO,ABX) down 4.8% to $48.54 in U.S. pre-trade. Uranium miner Cameco Corp. (CCO.TO,CCJ) is off 13.5% to $28.22 ahead of the bell following a 12.7% decline yesterday.
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