The gold
futures lost a stunning 4.63% on Friday following risk-on assets’ rebound. Yellow metal
fell the lowest since late December. Earlier last week the market bounced off new medium-term high of $1,704.30. Two weeks ago the gold price collapsed to the local low of $1,564 despite an ongoing
corona virus scare. However, the gold price retraced all of the decline recently, as virus fears reappeared. Then on Thursday and Friday it has reversed sharply lower. Today
gold is trading below $1,500.
Gold is 4.9% lower this morning, as it breaks below $1,500 level. What about the other precious metals?
Silverlost 9.40% on Friday and today
it is 14.3% lower!Platinumlost 4.85% yesterday and this morning
it is down another 12.2%.
Palladiumcrashed 21.19% yesterday and today it is
13.0% lower.
The financial markets react to a sudden Fed’s interest rate cut decision and the new QE announcement.
The stock market is crashing along with precious metals prices. The scheduled economic data releases are much less important than virus crisis developments. However, investors will likely await tomorrow’s German ZEW Economic Sentiment and the U.S.
Retail Sales releases. Take a look at our
today’s Market News Report to find out more!
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Thank you.
Paul Rejczak
Stock Trading Strategist
Sunshine Profits - Effective Investments through Diligence and Care
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