Gold plunges sharply and suddenly
Gold traders were greeted with a jolt on Monday morning. The precious metal plunged nearly $20 in a matter of seconds right around 4 a.m. ET. The price sank from about $1254 an ounce to a low of $1,236. Gold has recovered a portion of those losses, but still trades down 1% near $1,244.
The precious metal has had a solid start to 2017, gaining 7.36% year-to-date. However, the yellow metal has struggeld to break through its pre-election level of about $1,300.
Gold prices fell in the wake of Donald Trump's election win as traders speculated Trump's pro-business agenda would spark robust economic growth in the United States. That put a charge in the US dollar, and weighed on gold.Get the latest Gold price here.