Producers of metals and other raw materials fell as the dollar rose against other currencies, in anticipation of higher interest rates.
Gold futures slipped 2% to settle at $1,793.10 an ounce, the lowest close since Jan. 6.
Precious metals are particularly sensitive to movements in the dollar and interest-rate expectations because investors use them as a hedge against inflation. While gold often rises in value alongside inflation expectations, it can lose ground when the Fed shifts to an inflation-fighting policy.
Rate expectations also weighed on industrial metals, such as copper.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
01-27-22 1630ET
