Prices are down 12% from a 7-year high reached a week ago. FMTNews Gold
LONDON: Gold declined as investors rush to raise cash to cover losses in other markets amid a surge in volatility across assets, with global leaders striking a pessimistic tone over the likely economic impact of the coronavirus outbreak.
Precious metals have been caught up in the wave of heavy selling across markets, Australia & New Zealand Banking Group Ltd senior commodity strategist Daniel Hynes said in a note. Prices are down 12% from a seven-year high reached a week ago and tumbled the most since 1983 last week. In addition, the need for capital preservation is becoming a priority in investors’ decision making, Innes said.
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