Print Page   |   Report Abuse   |   Sign In   |   Register
IPMI and Industry News: Platinum Market News

Platinum slumps to lowest since 2002 as precious metals collapse

Monday, March 16, 2020   (0 Comments)
Posted by: Matt Watson
Share |

Platinum slumps to lowest since 2002 as precious metals collapse

By Brijesh Patel

By Brijesh Patel

(Reuters) - Platinum plunged nearly 27% on Monday to its weakest level since 2002, while gold dived over 5% as investors unloaded precious metals in exchange for cash after a second emergency U.S. rate cut failed to quell coronavirus fears across markets.

Palladium dropped 13.5% to $1,562.32 per ounce, its lowest since end-August, while silver slumped 12.3% to $12.87, a level last seen in 2009.

By 1507 GMT, platinum was down 15.1% at $646.51 per ounce, on track for its biggest one-day decline on record, while gold slipped 2.7% to $1,488.62 per ounce. U.S. gold futures were 1.7% lower at $1,490.50 per ounce.

"It's the liquidity selling that continues to be the norm here," said Ryan McKay, a commodity strategist at TD Securities. "It is similar to what happened in the financial crisis where gold actually traded quite lower for a number of months along with equities."


Read the full article at:  https://finance.yahoo.com/news/gold-rises-fed-rate-cut-041234806.html


 

 

Association Management Software Powered by YourMembership  ::  Legal