Coronavirus Concerns Causes Market Chaos
APMEX
3/12/2020 9:05:13 AM
Gold reported a moderate rise on Monday as global markets were in a free fall, partly sparked by a plunge in crude-oil prices and mounting concerns about the spread of the coronavirus. Global markets were in turmoil which has reached a fresh peak after Russia and the Organization of the Petroleum Exporting Countries failed to strike an agreement on deeper crude production cuts.
Gold settled lower on Tuesday for the first time in four sessions as U.S. stocks looked to rebound from their steepest one-day loss since 2008 and as government bond yields jumped off historic lows seen after a coronavirus and crude-oil sparked plunge on Monday.
Gold rose on Thursday, only to give up its gains as concerns about the economic impact from the coronavirus increased after world health officials declared it a pandemic and many countries took measures to combat the spread by restricting public gatherings.
Gold prices are lower early Thursday, hovering around $1610.00 an ounce to mark a nearly $30.00 decline. Silver prices are also sharply down, hitting an eight-month low of $16.15 an ounce, which marks a roughly 70 cent decline. Oil prices have also fallen on Thursday following surprise travel restrictions imposed by President Trump in an attempt to halt the spread of coronavirus after the World Health Organization described the outbreak as a pandemic. Trading on the New York Stock Exchange has been halted temporarily for the second time in a week after the S&P fell 7%.
Silver prices are lower on Friday as volatility-shocked investors awaited clarity on fiscal stimulus packages to help ease the economic pain of the coronavirus epidemic that has ground some of the world’s business activity to a halt and stunned financial markets. The Dow and the S&P 500 indexes, which had crashed almost 10% on Thursday, are still down over 25% from record highs hit mid-February and headed for their worst week since the financial crisis. Silver prices have slid almost 65 cents, hovering around the $15.45 an ounce mark.
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