Gold drops out of its $1,600 support as investors sell to cover losses

132711

Gold fell off its key $1,600 gain on Thursday after investors had sold off their positions in the precious metal in a panicked rush to save themselves from losses on Wall Street.  

Gold Futures in New York’s COMEX fell by 3.2% ($52.10) at $1,589.30 an ounce. In a session, intraday prices fell by a near $80 to $1,560.65 per ounce.

This resulted in a third consecutive day of losses for the safe-haven commodity, having dropped by almost 5% since the start of the week when Wall Street stocks plummeted by 10%.

Thursday’s stumble has led gold prices to lose more than $110 on the week, keeping it on a course to a 6.6% loss.

 

The information and recommendations contained in this analytical document are published strictly for information purposes and are not considered as an offer to buy or sell the trading tools mentioned above and are not intended to motivate to perform certain transactions
Something went wrong
Message: