Gold set for biggest weekly drop in nearly 7 years amid Coronavirus scare

Topics Coronavirus | Gold


Gold prices fell further on Friday and were on track to post their biggest weekly drop in nearly seven years, as a rout in global equities forced investors to cover margin calls. FUNDAMENTALS * Spot gold was down 0.9% to $1,562.30 an ounce by 0139 GMT, after a more than 3% sell-off in the previous session. For the week, it was down about 6.

7% - the biggest since June 2013. * US gold futures fell 1.7% to $1,563.10. ALSO READ: Coronavirus LIVE: Google Bengaluru employee infected; bedlam in markets * A significant.

This article is no longer available in our repository.

There could be multiple reasons for this.