Editor’s Note
This article reports on a sharp decline in precious metals prices during trading on Thursday, with gold falling below the $4,900 per ounce mark.
NEW YORK (dpa-AFX) – Precious metals prices came under significant pressure during trading on Thursday. The price for a troy ounce of gold (approximately 31.1 grams) fell rapidly in the afternoon, dropping below $4,900. Previously, it had been trading significantly above $5,000. At last check, the troy ounce cost $4,931. The silver price followed a similar trajectory and was last quoted at $76.24.
There, a sudden increase in risk aversion had occurred without an apparent reason, causing prices to plummet. Additionally, investors likely took profits, also to put the money into bonds perceived as safe. The gold price had reached a record high of just under $5,600 at the end of January. A sharp correction subsequently pushed it down to just over $4,400. Silver had undergone an even steeper rally, but subsequently corrected even more sharply.