It is an odd moment for the price of gold, one of the oldest havens in times of crisis, to be tumbling.
So gold’s plunge Friday — as much as 5%, the most in almost seven years — caught many traders flat-footed and scrambling for explanations. The most often heard of them: Gold investors don’t want to sell but are forced to so they can cover their losses in other asset classes.
The metal slid 3.6% to settle at $1,585.69 an ounce in New York on Friday. Other precious metals including silver and platinum also dropped, with palladium declining as much as 13%, the most since 2008.Fear over the economic fallout from the coronavirus has unnerved markets, sending the S&P 500 index toward its worst week since 2008.
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