“We have had disappointing growth data,” Kevin Norrish, an analyst at Barclays Plc, said in the article. “Growth now looks a bit less promising and supplies in many commodities are quite robust.”
Additionally, the sudden strength in the U.S. dollar is pressuring commodities, which are priced in USD and are more expensive to foreign buyers.
“The strong wall of dollar strength and prospects of a rate hike are pushing gold lower,” Ira Epstein, the president of his namesake division at the Linn Group Inc., said in the article.
PowerShares DB Commodity Index Tracking Fund
For more information on the commodities space, visit our commodity ETFs category.
Max Chen contributed to this article.