Commodity Report: Gold Price Forecast [Video]
|Gold slid more than 1% to its lowest in a week on Friday as the recent price rallies prompted investors to take profits, but the metal was still on track for a third consecutive monthly gain as the spread of coronavirus gathered pace.
When sentiment is ruled by fear, investors always rush to cash and liquidity, and also sell profitable investments due to margin calls or to cover other investment losses.
Prices hit a 7-year high of $1,689 earlier this week on coronavirus fears.
The virus scare sent world share markets plunging again on Friday, compounding their worst week since the 2008 global financial crisis.
Meanwhile The gold/silver ratio has risen to 96, meaning that silver is lower vis-à-vis gold than at any time in almost 30 years.
Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Gold with the latest price forecast and predictions:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.