{"id":1171485,"date":"2020-03-13T11:55:34","date_gmt":"2020-03-13T17:55:34","guid":{"rendered":"https:\/\/www.mining.com\/?p=1017011"},"modified":"2020-03-13T15:00:34","modified_gmt":"2020-03-13T21:00:34","slug":"gold-price-plummets-again-down-188-for-week","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1171485","title":{"rendered":"Gold price plummets again \u2013 down $172 for the week"},"content":{"rendered":"<p>Gold is headed for its worst two-day drop in history as pandemic panic grips global financial markets.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<div class=\"wp-block-image\">\n<figure class=\"alignright\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2014\/02\/gold-bear-statue-333.jpg\" alt=\"Gold price plummets again \u2013 down $188 for week\" class=\"wp-image-771909\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2014\/02\/gold-bear-statue-333.jpg 400w, https:\/\/www.mining.com\/wp-content\/uploads\/2014\/02\/gold-bear-statue-333-300x250.jpg 300w, https:\/\/www.mining.com\/wp-content\/uploads\/2014\/02\/gold-bear-statue-333-250x208.jpg 250w, https:\/\/www.mining.com\/wp-content\/uploads\/2014\/02\/gold-bear-statue-333-150x125.jpg 150w\" sizes=\"(max-width: 400px) 100vw, 400px\" \/><figcaption>Image: <a href=\"http:\/\/www.flickr.com\/photos\/thescott365\/2142761974\/sizes\/l\/\"  rel=\"noopener noreferrer\">The Scott<\/a><\/figcaption><\/figure>\n<\/div>\n<p>Gold for delivery in April come close to crashing through the $1,500 level on the Comex market in New York on Friday, down $86 an ounce, or 5.4% from yesterday&#8217;s closing price of $1,590.30 an ounce.  By the close on Friday, gold pared some of those losses, closing at $1,520.<\/p>\n<p>Contracts representing 52 million ounces of gold had exchanged hands by the close after a week of heavy selling. Gold is down more than $172 an ounce from its opening levels on Monday, a day the metal also hit a seven-year high of $1,704.30 an ounce.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/comex-gold-mar-13-2020-drops-88-.png\" alt=\"\" class=\"wp-image-1017016\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/comex-gold-mar-13-2020-drops-88-.png 639w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/comex-gold-mar-13-2020-drops-88--300x268.png 300w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><figcaption>Source: CME Group<\/figcaption><\/figure>\n<p>Friday&#8217;s rout also wiped out gold&#8217;s 2020 gains from&nbsp;<a href=\"https:\/\/www.mining.com\/global-market-volatility-drove-gold-etfs-to-all-time-highs-report\/\">record-breaking ETF buying<\/a>. Global gold-backed ETFs had $4.9 billion or 84.5 tonnes of net inflows in February, boosting holdings to new all-time highs of 3,033 tonnes.<\/p>\n<p>Friday could top the&nbsp;<a href=\"https:\/\/www.mining.com\/how-one-short-sellers-shock-and-awe-crushed-gold-with-a-400-tonne-trade-85866\/\">biggest intra-day drop in the price since April 15, 2013<\/a>&nbsp;when gold succumbed to a <a href=\"https:\/\/www.mining.com\/how-one-short-sellers-shock-and-awe-crushed-gold-with-a-400-tonne-trade-85866\/\">shock and awe short-selling<\/a> strategy. Gold ended that day more than $87 below the previous closing \u2013 and never recovered on its way to $1,050 an ounce three years later.<\/p>\n<p>Gold hit a record $1,909 an ounce intra-day on 23 August 2011, but the next day suffered one of its few triple-digit one-day losses when it plummeted $105, ending the week down more than 10% from the all-time high.<\/p>\n<p>Adjusted for inflation, gold\u2019s highest price point ever was on January 21, 1980 when the precious metal hit $850, only to plunge the very next day to $737.50, a 13% fall.<\/p>\n<p>The biggest fall in percentage terms came in February 1983, when the yellow metal fell from $475 to $408.50 over two days, a 14% decline.&nbsp;&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold price drops another $80 an ounce on Friday.<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1171485"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1171485"}],"version-history":[{"count":4,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1171485\/revisions"}],"predecessor-version":[{"id":1171530,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1171485\/revisions\/1171530"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1171485"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1171485"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1171485"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}