Iron ore sheds another 5%

Iron ore prices have fallen significantly again, continuing a volatile year for the commodity.

Prices for the benchmark 62 per cent fines dropped by 5.1 per cent overnight to $US66.09 a tonne, the lowest point for iron ore in around two months.

The latest losses add to a bad week for iron ore prices, which have fluctuated in value throughout 2017.

A Patersons Securities report explained: “Iron ore bears highlighted concerns about increased global supply and widespread expectations of steel output cuts in China over winter.”

Meanwhile, gold prices in Australian dollar terms were slightly higher overnight, reaching $1627.94 an ounce to be 2.2 per cent higher for the year, as the US dollar strengthened against the local currency.

The US dollar gold price has, however, dropped below the $US1300 an ounce barrier to be $US1291.29 an ounce.

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