Gold tumbles 4.5%; palladium faces off worst week on record

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Gold tumbles 4.5%; palladium faces off worst week on record

On Friday, the 13th of March 2020, it had been another bloodbath for the commodity traders as the precious gold futures’ prices dipped 4 per cent, silver had been on course to post its worst weekly decline since 2011 and the Palladium futures’ had faltered 18 per cent this week so far, nonetheless, crude oil futures’ had pared earlier losses.

In point of fact, as the precious Gold futures’ prices had surprisingly reversed course on Friday (March 13th) and toppled as much as 4.5 per cent at some part of the day, heading for its largest weekly slump since 1983, analysts were quoted saying that investors appeared to be preferring hard cash instead of gold in these critical times of global health emergency, while another perspicacious bunch of Wall St.

analysts were quoted saying that the traders had been hitting the sale button throughout the week for safe-haven commodities such as gold alongside currencies such as Yen in order to meet their margin call, a significant amount of upsum that traders or investment funds usually keep in their coffer to grapple with further downward momentum.

Apart from gold futures’ prices, palladium futures’ process took a nosedive of more than 8 per cent after plunging as much as 28 per cent on yesterday (March 12th), and had been 18 per cent down this week thus far.

Citing statistics, while preparing this report, on late Friday (March 13th) trading hours, gold futures’ prices had pared some of its earlier losses and were trading 2.95 per cent down to $1528.66 an ounce, while silver futures’ prices shrugged off 7.35 per cent to $14.66 an ounce to mark up its steepest weekly fall on record.

Nonetheless, US Crude was up by 3.51 per cent to 33.20 per barrel and UK crude futures’ prices were trading 2.31 per cent higher to $35.34 per barrel, while the economic bellwether for global industries, copper futures’ prices were up by 1.17 per cent to $2.49 an ounce.