Shanghai gold futures drop over 4% on June 11 as China's broader commodities rise

Shanghai Futures Exchange gold contracts fell more than 4% at the open on June 11, pulling silver lower even as many of China's energy and industrial futures moved higher. Spot gold slid to $4,022.09 per ounce before settling at $4,089.12 after short covering. Traders also priced in a greater than 70% chance of U.S. rate hikes in coming months, while Middle East supply risks helped lift oil-linked contracts.