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 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.