Gold is headed for its worst two-day drop in history as pandemic panic grips global financial markets.
Gold for delivery in April come close to crashing through the $1,500 level on the Comex market in New York on Friday, down $86 an ounce, or 5.4% from yesterday’s closing price of $1,590.30 an ounce. By the close on Friday, gold pared some of those losses, closing at $1,520.
Contracts representing 52 million ounces of gold had exchanged hands by the close after a week of heavy selling. Gold is down more than…click for full article.