{"id":1171828,"date":"2020-03-16T13:51:20","date_gmt":"2020-03-16T19:51:20","guid":{"rendered":"https:\/\/www.mining.com\/?p=1017142"},"modified":"2020-03-16T13:51:20","modified_gmt":"2020-03-16T19:51:20","slug":"gold-price-coronavirus-losses-top-250-an-ounce","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1171828","title":{"rendered":"Gold price coronavirus losses top $250 an ounce"},"content":{"rendered":"<p>Gold&#8217;s pandemic related rout topped $250 an ounce on Monday, it&#8217;s seventh straight down day, as panic continued to grip global financial and commodity 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<p>Gold for delivery in April dropped as low $1,450 an ounce on the Comex market in New York on Monday, down $65 an ounce, or 4.3% from Friday\u2019s closing price. On Monday, the metal hit a seven-year high of $1,704.30.<\/p>\n<p>Contracts representing 53 million ounces of gold had exchanged hands by by mid-afternoon with gold clawing its way back above $1,500 and near the breakeven level for 2020.<\/p>\n<p>\u201cThe markets are in panic mode,\u201d Alexander Zumpfe, a trader at Heraeus Metals Germany, said in an email to Bloomberg:<\/p>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cThe interest rate cut by the U.S. Federal Reserve has not changed this &#8212; on the contrary.\u201d<\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>Gold \u201cis being sold to generate liquidity and to offset losses in other markets,\u201d Zumpfe of Heraeus said.<\/p>\n<\/blockquote>\n<blockquote class=\"wp-block-quote\">\n<p>\u201cIn some cases, investors also sell their gold holdings in order to keep the value of the precious metal constant in their overall portfolio. Due to the lower value of the equity share, gold would otherwise take up a larger share in terms of value.\u201d<\/p>\n<\/blockquote>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/comex-gold-mar-16-2020-drops-88-.png\" alt=\"Gold price coronavirus losses top $250 an ounce\" class=\"wp-image-1017168\" srcset=\"https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/comex-gold-mar-16-2020-drops-88-.png 639w, https:\/\/www.mining.com\/wp-content\/uploads\/2020\/03\/comex-gold-mar-16-2020-drops-88--300x268.png 300w\" sizes=\"(max-width: 639px) 100vw, 639px\" \/><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Gold price drops 4% to as low as $1,450 an ounce Monday, down from a high above $1,700 just a week ago.<\/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\/1171828"}],"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=1171828"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1171828\/revisions"}],"predecessor-version":[{"id":1171831,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1171828\/revisions\/1171831"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1171828"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1171828"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1171828"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}