Crude oil and gold prices are under pressure as Eurozone stability jitters drive market-wide risk aversion and encourage safe-haven flows into the US Dollar.
- Crude Oil, Copper Lower as Eurozone Crisis Fears Drive Risk Aversion
- Gold and Silver Under Pressure as US Dollar Gains on Safe-Haven Flows
Commodities are facing broad-based selling pressure as risk aversion grips financial markets. The catalyst for the selloff seems to be found in the Eurozone, where a sharp widening in the spreads between Italian and Spanish 10-year bond yields and their benchmark German counterparts points to swelling sovereign risk. Broadly speaking, the tense atmosphere seems to reflect unease with the implications of the Cyprus bailout deal, as expected .
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