Gold Slides 1.8% to $4,091.50 as European Markets Decline

Gold fell 1.83% to $4,091.50 an ounce at 9:31 a.m. ET (13:31 UTC) Wednesday, marking a sharp move across precious metals markets.

Silver declined 2.55% to $59.704 an ounce. The drop in bullion prices came as major European equity indexes also traded lower, with the Euro Stoxx 50 down 0.95% at 6,168.14 and Germany’s DAX 40 off 1.01% at 25,107.50.

The U.K.’s FTSE 100 fell 0.58% to 10,479.50. In foreign exchange, the U.S. dollar rose 0.08% against the offshore yuan to 6.70666 and gained 0.19% against the yen to 158.37.

Energy markets moved in the opposite direction. West Texas Intermediate crude rose 0.85% to $92.75 a barrel, while Brent crude gained 1.04% to $105.79.

The simultaneous moves across metals, currencies, equities and energy put the gold decline in the context of a broader cross-market session rather than an isolated move in bullion.