Gold and palladium are heading for a sharp weekly decline



Gold prices decline

Gold prices decline

Gold rose slightly, Friday, but the yellow metal is still heading towards the worst weekly performance in more than 3 years, in light of the economic damage caused by the outbreak of the Corona virus.

Palladium also rose by 8%, after falling by about 28%, on Thursday, in light of a global selling wave. But it is heading towards its biggest ever weekly drop.

And gold rose in immediate transactions 0.8% to $ 1588.83 an ounce by 0703 GMT, after falling more than 1% earlier.

Last week, the precious metal fell 5.1%, the largest drop since November 2016, including Thursday’s decline of 4.5%.

US gold futures fell 0.1% to $ 1,589.20.

“The recovery after the panicked sell-off in all asset classes has also supported precious metals,” said Jigar Trivedi, commodity analyst at Anand Rathi Shares and Brokerage in Mumbai, adding that concerns about the wider spread of the virus provided support for the yellow metal.

As for other precious metals, palladium rose 7.2% to $ 1962.97 an ounce, after a significant drop in the previous session, but it is heading towards recording a weekly decline of about 24%.

Platinum gained 4.1% to $ 794.28, but was down about 11.5% for the week, the biggest drop since 2010.

Silver was the only exception, falling 1.1% to $ 15.65 an ounce, after dropping earlier by as much as 3.3%.


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