Gold prices slid downward on Monday after Swiss voters nixed a measure to bump up the nation’s gold reserves, while oil prices also fell to a five-year low as the Organization of the Petroleum Exporting Countries (OPEC) decided to maintain crude oil production levels.
The rejected Swiss proposal, defeated by 78% of voters, would have required the Swiss National Bank to more than double its gold reserves, holding at least 20% of its assets in the precious metal, Reuters reports. The measure would have challenged the bank’s policy of capping the Swiss franc at 1.20 per euro.
After the vote, gold at one point fell more than two percent to $1,142.90 per ounce XAU=, while silver prices, which usually mirror gold prices, hit a five-year-low at $14.50 per ounce XAG=.
Meanwhile, oil prices also slumped to $64.10 per barrel after OPEC rejected calls from some member states, including Iran and Venezuela, to tighten crude oil output and vie to keep oil prices from tumbling amidst a flurry of growth in the U.S. shale oil market.
[Reuters]
More Must-Reads From TIME
- The 100 Most Influential People of 2024
- The Revolution of Yulia Navalnaya
- 6 Compliments That Land Every Time
- What's the Deal With the Bitcoin Halving?
- If You're Dating Right Now , You're Brave: Column
- The AI That Could Heal a Divided Internet
- Fallout Is a Brilliant Model for the Future of Video Game Adaptations
- Want Weekly Recs on What to Watch, Read, and More? Sign Up for Worth Your Time
Write to Elizabeth Barber at elizabeth.barber@timeasia.com