The price of gold continues to fall on Friday morning after tumbling 4 percent on Thursday amid a global panic in stock markets, according to trading data
MOSCOW (Pakistan Point News / Sputnik - 13th March, 2020) The price of gold continues to fall on Friday morning after tumbling 4 percent on Thursday amid a global panic in stock markets, according to trading data.
As of 9:56 GMT, the price of April gold futures on the New York-based COMEX was down 0.45 percent to $1,583.2 per ounce.
Another precious metal, palladium, which is primarily used in cars' catalytic converters to neutralize exhaust gases, is trading up almost 7 percent after falling by more than a quarter earlier this week.
As of 10:00 GMT, palladium's spot price grew by 7.75 percent to $1983.28 per ounce. In early trade on Monday, the metal was worth over $2,575 per ounce. At the same time, the price of June palladium futures fell 1.19 percent to $1892.05 per ounce.
The white metal has seen an unprecedented four-year rally, as its price surged from $452.53 per ounce in January 2016 to an all-time high of over $2,880 per ounce this February, but has retreated since.
Palladium is used in gasoline engines, and the demand for the metal has grown as many countries are tightening requirements for environmentally-friendly vehicles.
On Thursday, stock markets fell 11-16.6 percent in Europe and 9.5-10 percent in the United States after US President Donald Trump announced the introduction of a 30-day ban on entry to the US from Europe (except the United Kingdom) due to the coronavirus epidemic. The ban takes effect on Friday.
