Gold Silver Trend Today – In global markets, gold rates today dropped 1.4% to $1,465.34 an ounce, also extending losses to the seventh time in eight sessions. So far this year, gold prices are down over 3%, while globalstocks have plunged almost 30% and crude oil collapsed by 60%. Among other preciousmetals, silver was little changed while platinum fell 2.4%.
All asset classes, included gold, have been whipsawed in recent weeks as investors sold the precious metal to cover losses elsewhere. The CBOE Gold ETF Volatility Index, a measure of expectations for price swings, is at the highest since 2008,
The recent measures by the FederalReserve and European Central Bank have failed to stem marketstress.
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The Europe’s policy makers on Wednesday launched an extra-emergency bond-buying program worth 750 billion euros ($820 billion) to cushion the economy as the continentsurpasses China in its number of confirmed cases and deaths.
The economic impact of the coronavirus is still unpredictable and despite the price correction, consumer demand for jewellery maynot pick up anytime soon, says Abhishek Bansal, chairman and managing director at Abans Group.
But on the downside gold mayget some support from a pick-up in investmentdemand as it is a safehaven asset and the recent price correction along with lower interestrates, provide an excellent opportunity, he added.
