Suara.com – World, the price of gold rebounded in early trading this week. Gold fell by 4.5 per cent and headed for its biggest weekly decline since 1983.
Investors prefer to sell for cash and more gold to cover the margin calls in the market. Similarly, the price of Palladium fell more than 8 percent after the previous day’s plunge, 28 percent, and for heading a weekly percentage.
Citing Reuters, on Monday (16/3/2020), the price of gold on the spot market fell by 3.8 per cent to 1,517,38 US dollars per ounce. For the week, down more than 9 percent. While the price of gold futures 4.6 percent fell to 1.516,US $ 60
“While the stock markets, analysts said more and more under pressure and it is a push in the direction of the liquidity in the market, there is selling pressure on gold is unusual”, the Standard Chartered Bank Suki Cooper.
“In the near future, gold could continue to fall more because of the need to meet the margin call in the market when investors prefer to move into cash and reduce risk.” He added.
Gold bullion has lost more than 180 US-dollar since reaching the highest level in the last seven years, at the level of 1,702.56 U.S. dollars per ounce on Monday, as market participants make use of the metal as a “safe haven” to meet the margin call.
Palladium dropped 7.8 percent to 1,689.33 US dollars per ounce, heading for a weekly decline of more than 34 percent
Platinum fell 3.7 percent to 734,74 the US dollar and is down more than 18% during the week. Silver fell 2.4 percent to 15.45 US dollars, keeping it on track for its biggest weekly decline since 2011.