Producers of metals and other raw materials fell, but not by as much as the broad market, as dollar weakness buoyed the price of gold and some other commodities.
Gold futures rose 3% to $3,406.20 an ounce, a record high, as the slide in the U.S. dollar sent traders clamoring for a new safe haven. Typically, during times of market volatility, the dollar represents a rock of stability, but this time, some of the most "disorderly" selling has been in the greenback, said Lorenzo Di Mattia, manager of hedge fund Sibilla Global Fund, who has taken a bearish position on the American currency.
"It's a different form of 'risk-off,'" said Di Mattia. "I think the exodus from the U.S. dollar will be long-lasting."
Wheat for May delivery fell as worries generated by President Trump's repeated attacks on Federal Reserve Chair Jerome Powell offset the impact of the weaker dollar.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
April 21, 2025 17:09 ET (21:09 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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