Sun, 27 July
35.1 C
Yerevan
USD: 383.94 RUB: 4.85 EUR: 450.25 GEL: 141.78 GBP: 516.63

Panic selling triggers biggest gold price drop in 30 years, the telegraph reports

YEREVAN, April 16. /ARKA/. Gold suffered its biggest one-day fall in three decades, crashing through $1,400 (£913) an ounce as investors faced with a bear market turned to panic selling.
he further sharp drop in the price on Monday after Friday’s losses took gold to two-year lows, prompting calls of end to the metal’s “era” after a spectacular 12-year bull run.

In New York, gold for June delivery went as low as $1,355.50, marking an intraday fall of 9.7pc – the steepest in percentage terms since a 9.6pc loss seen in February 1983.

Legendary investor and gold ‘bull’ John Paulson was among those feeling the pain as gold lost its lustre, estimated to have lost hundreds of millions of dollars as the metal’s price has lurched downwards by around 13pc in just two days.

In one sharp move on Monday, the price dropped over $30 in a matter of minutes, as a market already spooked by the news that a cash-strapped Cyprus is considering a sale of its reserves to finance its bail-out faced gloomy growth figures from China. Slowing growth reduces the threat of inflation, so can sap demand for gold as a store of wealth when prices are rising.

But the “safe haven” metal had already entered bear market territory last week, defined as a fall of 20pc or more from its peak. On Friday, the spot gold price dropped below $1,500, down from its record intraday high of $1,921.41 in September 2011. –0–

spot_img

POPULAR

Fitch expects inflation in Armenia to remain within the target level until 2027

International rating agency Fitch expects inflation in Armenia to remain within the target level until 2027, although soft fiscal policy and the projected moderate weakening of the dram create certain risks.

Fitch forecasts Armenia to tighten fiscal policy after 2027

Fitch Ratings analysts forecast a tightening of fiscal policy by the republic's authorities in a new report on Armenia.

A scheme for stealing funds through fake investment platforms  exposed in Yerevan

A criminal group operating in one of the capital's business centers and stealing citizens' money through Internet calls has been exposed in Armenia, the Investigative Committee of Armenia reports.

Armenia’s economy to stabilize on 5.5% growth trajectory in 2025 – EDB forecast

According to EDB forecasts, Armenia's economy will stabilize on a 5.5% growth trajectory with domestic demand remaining the main driver of development.

Ranking of most profitable banks in Armenia based on results of first quarter of 2025

ARKA news agency publishes the ranking of the most profitable commercial banks in Armenia based on the results of the first quarter of 2025.

LATEST NEWS

spot_imgspot_imgspot_img