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Gold Tumbles Below $1,500 as Liquidations Gather Pace

CommoditiesMar 16, 2020 07:59AM ET

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Gold Tumbles Below $1,500 as Liquidations Gather Pace

© Reuters.

By Geoffrey Smith

Investing.com -- Gold prices tumbled below $1,500 a troy ounce to their lowest since August as more and more investors were forced to liquidate positions due to liquidity stresses elsewhere in their portfolios.

By 7.55 AM ET (1155 GMT), gold futures for delivery on the Comex exchange were down 3.6% at $1,461.90 an ounce. Spot gold was down 4.4% at $1,462.20 an ounce.

Silver futures fared even worse, falling 16.5% to $12.06 an ounce, while platinum futures fell 16% to $632.10 and palladium futures fell 3.9% to $1,450 an ounce.

The moves came as stock markets threatened to open sharply lower, with trading in futures contracts on the three major U.S. stock indices all halted, limit down. That's despite the decision by the Federal Reserve on Sunday to cut interest rates to near zero and resume quantitative easing, policies that were strongly supportive for gold prices during the last financial crisis.

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Comments (3)

revoohec max Mar 19, 2020 7:21PM ET

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good luck on 1450 the liquidity crunch is based on paper assets. Anybody who buys physical know that this is a repeat of 2009 when premiums went thru the roof due to short supply of the real stuff. Premiums have doubled or triples since dipping... That's north of 100 per oz coin

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Jonathan Phillips Mar 16, 2020 8:55AM ET

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Actually gold is responding well - and it's bullish action ONCE markets start to recover one thing wont that interest rates so JUST hang in and wait.

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克文王 Mar 16, 2020 8:55AM ET

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When is the good entry

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Chris Niles Mar 16, 2020 8:55AM ET

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1450

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bob walter Mar 16, 2020 8:02AM ET

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No where to run!!

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