By Alex Ho
Not even safe-haven gold managed to avoid the rout that has roiled most markets and commodities with prices continued falling on Thursday morning in Asia.
Gold Futures for April delivery were down 0.40% to $1,635.70 by 9:37 PM ET (2:37 GMT) after closing at $1,642.30 the day before.
The fall marked a second day of losses for the yellow metal and come despite sharp losses in equities markets in the U.S. overnight and in Asia Thursday morning. The Dow Jones in the U.S. is now in bear territory, more than 20% lower than its high point a month ago. Australia’s S&P/ASX 200 also entered bear territory today.
The losses followed a move by the World Health Organization (WHO) to declare COVID-19 a pandemic during a press conference in Geneva Wednesday.
WHO Director-General Dr. Tedros Adhanom Ghebreyesus said the alarm bell has been rang “loud and clear”, adding that the WHO is “deeply concerned both by the alarming levels of spread and severity, and by the alarming levels of inaction.”
U.S. President Donald Trump delivered an address from the White House at 9:00 PM ET to talk about a ramped up response to the health threat and announced the cancellation of all flights between Europe and the U.S. for 30 days starting Friday.
