Gold heads for biggest weekly drop in seven years
Traders sell bullion to finance margin calls as palladium is en route for biggest weekly fall on record
13 March 2020 - 08:58
Bengaluru — Gold prices extended losses on Friday and were set for their steepest weekly decline in nearly seven years as traders sold bullion to finance margin calls in other assets hammered by panic over the coronavirus.
Palladium regained some ground after plummeting as much as 28% on Thursday as a plunge in wider financial markets rippled through precious metals. However, it was en route for its biggest weekly fall on record. Spot gold was down 0.9% at $1,563.45/oz by 3.20am GMT, and was on track for a weekly decline of 6.6% – the most since June 2013...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.