Gold futures post biggest daily percentage drop since 2013

Saturday, 29 February 2020 01:54 WIB



Gold futures fell by nearly 5% on Friday to log the biggest daily percentage decline for a most-active contract since June 2013, according to Dow Jones Market Data.

Analysts attributed the decline to investors selling the precious metal to generate cash to cover losses in the stock market.

"We are witnessing some large forced selling due to overextended margin positions," said Jeff Wright, executive vice president of GoldMining Inc. However, "fundamentally, gold will recover" the $1,600- $1,650 levels next week, but could also touch $1,550 if more positions are liquidated," he said.

April gold fell $75.80, or 4.6%, to settle at $1,566.70 an ounce. For the week, it was down 5% and it lost more than 1% for month.

Source : MarketWatch


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