Gold price slumps to one-year low, silver price breaks $50 as mining stocks tank

AI desk brief

Gold slumped to a one-year low and silver broke below $50/oz as rising oil prices revived Fed-hike bets and a tech-led equity selloff triggered broader deleveraging. Spot gold fell as much as 3.2% to $3,891.67/oz and COMEX December gold traded down 3.1% to $3,907.90, while silver dropped 5.8% to $49.34/oz and COMEX December silver fell as much as 6.3% to $49.08; both metals saw heavy turnover, with 18 million ounces of gold and 236 million ounces of silver traded by midday in New York.