Gold prices are going down – Al-Ahram Gate


Gold prices fell today, Friday, as investors sold the yellow metal to take profits from a jump of one percent in the previous session, but gold received some support with growing concerns about the rapid spread of the Corona virus outbreak, raising expectations for major central banks to cut interest rates.

Meanwhile, palladium was down 5 percent on profit-taking sales, after the metal used to catalyze the auto industry rose to an all-time high on Thursday.And gold fell in immediate transactions 0.4 percent to 1635.39 dollars an ounce (ounce) by 0422 GMT.
Gold added about three percent since the beginning of this month, achieving gains for the third month in a row.

And US gold futures fell 0.3 percent to 1637 dollars an ounce.

“The virus is becoming much more dangerous … People are concerned that some additional stimulus measures may be needed, and that means lowering (interest) rates,” said John Sharma, economist .aspx ‘> economist at National Australia Bank. The high has led to some profit taking.

Governments from Iran to Australia closed schools, canceled major events, stored medical supplies and prepared for emergency responses with the announcement of new infections worldwide that exceed those on the Chinese mainland.

Global stock markets are heading for the worst weekly performance since the height of the global financial crisis in 2008 as investors prepare for the impact of the virus on economic growth.

Meanwhile, speculation has increased that the Federal Reserve will cut interest rates next month to protect the .aspx economy> economy from the impact of the virus.

And for other precious metals, palladium fell 3.4 percent to $ 2749.63 an ounce, but it is on track to record the best monthly performance since November 2016.

Palladium jumped to a record $ 2875.50 in the previous session due to the persistence of a shortage in supply, with Nornickel, the world’s largest metal producer, expecting a global deficit of 0.9 million ounces in 2020.

Platinum fell 2.6 percent to $ 875.10 an ounce, and is heading towards the worst weekly performance since November 2015.

Silver fell 1.1 percent to $ 17.50 an ounce, and is on track for its worst monthly performance in three months, down more than 3 percent.


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