Muhammad attributed the reason for the decline in prices, to several reasons, including: the absence of a disaster that may cause war, and in the other heart, the Corona virus, despite its spread, but some countries that were hotspots for the outbreak of the virus, began to appear cases of recovery from Corona.
He expected gold prices to move in their normal range between $ 1480 and $ 1580 in the coming period.
On Friday, gold reversed its trend, plunging up to 2.9% as investors favored liquidity and continued to sell the metal to meet coverage requests in other markets.
On Friday, Bloomberg news showed that the spot gold price closed 2.9% lower at $ 1,529.8.
“While stock markets remain under pressure and there is a tendency for liquidity in various markets, it is not unusual for gold prices to drop as well,” Standard Chartered bank analyst told Reuters Soukmy Cooper.
“Gold may see a further decline in the near term due to the need to meet coverage requests in other markets and if investors prefer a trend to liquidity and reduce exposure to risk in general,” according to Cooper.
Gold has lost more than $ 180 since it reached a peak of 7 years at $ 1702.56 an ounce last Monday, as traders in the market used the metal, which is a safe haven to meet coverage requests.
Palladium fell 7.8% to $ 1689.33 an ounce, and is heading for a weekly decline in excess of 34%.
“Palladium remains highly volatile. The metal can still retreat much more from a technical point of view. In addition, there has been more negative news on the fundamental factors of palladium recently,” wrote Commerzbank analysts in a note.