On Sunday, the US Federal Reserve slashed rates to near zero and promised to pump $700 billion into the economy. Other central banks have made similar moves to try avoid market turmoil.
Gold has extended last week’s losses as the price fell below $1,464 an ounce on Monday. The yellow metal has seen the biggest drop in price since 1983. Although traditionally a safe haven, investors are selling gold to cover their positions on other markets.
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Prices of other precious metals are also crashing. Silver fell 14 percent to $12.61 an ounce, touching the lowest in more than a decade. Platinum plummeted as much as 26 percent to $564 an ounce, hitting the lowest since 2002. Palladium was down 10 percent to $1,626.53 an ounce, reaching the lowest since September.
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Article source: https://www.rt.com/business/483234-gold-price-drops-investor-panic/?utm_source=rss&utm_medium=rss&utm_campaign=RSS
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