UNITED STATES (OBSERVATORY NEWS) — Gold has fallen in price by more than 1% on Friday amid profit taking by traders, but may finish growing for the third month in a row due to concerns about the rapid spread of coronavirus.
The spot price of gold fell 1.2% to $ 1.622.2 per troy ounce by 15:38 Moscow time. Since the beginning of the month, gold has risen in price by more than 2%, and earlier this week the price reached a record for seven years at $ 1.688.66 per ounce.
“There is little profit taking in the gold market,” said Bank of China International analyst Xiao Fu, adding that she “is not surprised to see some correction from time to time, especially when there is an excessive increase.”
Support for gold is also provided by the expectation that the US Federal Reserve System (FRS) will cut the rate three times this year, although earlier one decrease was expected, she said.
Four more countries reported cases of coronavirus infection, with China now reporting only a quarter of new cases.
The cost of palladium fell by 3.3% to $ 2.749.8 per ounce, but may increase in the seventh month in a row, and at a record pace since November 2016.
Platinum has fallen in price by 3.2% to $ 870 per ounce and ends the week with the maximum decline since September 2011.
The price of silver fell 3.5% to $ 17.07 per ounce, ending the month in the red.
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