Commodities Brief – Gold prices collapse on heels of G20 statement

FXstreet.com (Barcelona) - The real story of the day is the collapse in precious metal prices. Gold prices previously established 6-month lows after a recent fall below the 1630 level this morning, however the recent plunge took the yellow metal below the 1640 region (August 20 low). At the time of writing, gold is in a free-fall state at USD $1613.79, down -1.32% or $-22.02 Friday. This move comes on the heels of the G20 statement that "will urge members to avoid competitive devaluations and to let their exchange rates be set by markets".

Silver prices faired no better today after breaching the 30.70 support and psychological barrier that had propped up the white metal for so long. However, like its counterpart, Silver has fallen over -1.21% today as it breached the 30.00 mark for the first time since late January. Presently Silver prices have settled at USD $29.98, down -$0.37 at the onset of American trading.

The commodity maelstrom has also extended to Crude Oil, which lost its daily gains in a plunge that took the price below the 97.00 level all the way down to the USD $96.21 mark (session low).

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