Gold is getting cheaper, incentive measures have not reassured investors

US, WASHINGTON (ORDO NEWS) — The price of gold is falling on Monday due to continued flight of investors into cash after several more countries have announced restrictions in order to stop the spread of coronavirus.

Serious efforts by officials to mitigate the economic impact of the outbreak failed to reassure investors.

The spot price of gold fell 0.21% to $ 1.494.4 per troy ounce by 13:57 Moscow time after rising almost 2% in the previous session.

“Still, pressure from falling stock markets causes speculative investors to sell in order to raise cash, cover losses and meet margin requirements,” said Commerzbank analyst Karsten Fritsch, adding that the fall in stock markets will remain a deterrent for gold.

Among other precious metals, the price of palladium remained almost unchanged, holding at $ 1.642.3 an ounce, platinum <XPT => went up 1.77% to $ 621.79, and silver – 0.04% to $ 12.58.


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