Gold and palladium recover, but are about to record a sharp weekly decline – Al-Manar TV website – Lebanon


Gold rose slightly on Friday as investors assessed the economic damage caused by the outbreak of the Corona virus at a time when financial markets stabilized slightly after the turmoil, but the yellow metal is still heading towards the worst weekly performance in more than three years.

Palladium, used for self-stimulation, also rose by as much as 8 percent, after dropping nearly 28 percent 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 percent to 1588.83 dollars an ounce (ounce) by 0703 GMT, after falling by more than one percent earlier. In the week, the precious metal fell 5.1 percent, the largest fall since November 2016, including Thursday’s decline of 4.5 percent.

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

“The recovery after the panicked sale 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 percent to $ 1962.97 an ounce, after a significant drop in the previous session, but it was heading towards recording a weekly decline of about 24 percent.

And platinum profit 4.1 percent to 794.28 dollars, but it is down about 11.5 percent for the week, the largest decline since 2010.

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

Source: Reuters


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