Summary
- International gold and silver prices have plunged, with spot gold down more than 12% and on track for its worst one-day decline since 1983.
- Spot silver fell to $80.49 an ounce, with its one-day drop exceeding 30%, sharply amplifying volatility in the precious-metals market that had recently set new record highs.
- For both gold and silver, price correction pressure is building as profit-taking, a pullback in short-term speculative demand, and position unwinding are boosting volatility in precious-metal prices.
International gold and silver prices are plunging.
According to Walter Bloomberg, a breaking news account, spot gold at one point on the day fell more than 12%, putting it on track for its worst one-day decline since 1983. Spot silver also extended losses, sliding to $80.49 an ounce, with its one-day drop topping 30%.
The selloff has sharply amplified volatility in the precious-metals market, which had recently notched fresh record highs. Both gold and silver are seen facing heavier correction pressure as profit-taking accelerated after a rapid run-up.
Markets are watching whether reduced short-term speculative demand and position unwinding are adding to volatility in precious-metal prices.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
