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Gold Sees Biggest Decline in Seven Years

M. Ali 12 August, 2020 12:14 am Commodities, Market Update

Gold prices declined on Tuesday amid a strong correction wave, seeing its largest fall in more than seven years, since mid-April 2013.

The losses of the yellow metal as stock markets around the globe flourished, supported by positive news about a vaccine for the coronavirus disease (COVID-19).

Gold futures for December delivery dropped by $93.40 or 4.6% and closed at $1,946.3 per ounce.

Similarly, silver futures for September delivery fell by 11% or $3.21 and settled lower at $26.049 per ounce.

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