Gold Falls Again After the Metal’s Worst Week in Four Decades
- Gold dropped below $1,500 after posting worst week since 1983
- Metal is being sold to cover losses in other markets
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Gold extended losses after its worst week in almost four decades, with investors “selling whatever they can” as the widening economic impact of the coronavirus spurred panic across markets.
The metal tumbled below $1,500 an ounce before paring declines as market sentiment soured even after further emergency moves by the Federal Reserve. U.S. equities slid in a sign investors have lost confidence in easing policy as way to combat the economic effects of the spread of the coronavirus. Bullion was pummeled as investors sold the metal to raise cash and cover losses in other markets.