Precious Metals Plummet, With Platinum Touching Record Low


The precious metals prices slumped sharply on Monday, with platinum easing more than a 1/4 of its value, touching its record low last time seen 17 1/2 years ago, as investors were getting rid of physical assets after the Fed’s rate cut could not stop the sale caused by coronavirus.

gold futures tumblePhoto: Flickr

Gold futures with delivery in April lost 0.98 percent, to reach $1,506 per troy ounce at 1526 GMT. Yellow metal rallies on Sunday after unexpected second rate cut in this month, reaching near zero level and implementing a bond-purchasing program, targeted at quantitative easing.

Silver future contracts with May delivery plummeted by 9.58 percent, to $13,205 per troy ounce.

Platinum prices went down by 9.38 percent, to $680,0 per ounce, registering earlier almost 18 years record low at $558 per ounce.

Palladium June futures lost 2.06 percent, to reach $1,476 per ounce at 1532 GMT. May copper futures price eased by 2.57 percent, to $2,40 per pound.

One should remind, that the Federal Reserve cut interest rates to almost zero, resumed buying bonds and took other measures out of its anti-crisis list, joining the world’s leading central banks to support the global economy, which is falling under the infection onslaught.

Source: Reuters


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