icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
16 Mar, 2020 13:32

Gold price drops as investors hunt for cash to cover market losses

Gold price drops as investors hunt for cash to cover market losses

Prices of precious metals are falling on lack of investor confidence that stimulus measures taken by the world’s central banks are enough to steady the markets.

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.

Also on rt.com GOLD may be the BIG WINNER in oil price war

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.

For more stories on economy & finance visit RT's business section