Swings in gold rates can spark confusion even among sanest and experienced bullion traders.
In the second week of August, Gold rates swung volatile – they hit an all-time high of $2065 per ounce on 6th August and by 11th August crashed to $1911. The drop of $150 or 6 percent in the week was spicy for many.
A one-day drop of 5.72 percent on 11th August led several analysts to question the meteoric rise in bullion markets. Some attributed the drop as a minor correction in sync with factors such as currency fluctuations and US-China trade talks. For, the average investor, a percent loss in gold rates can leave a large hole in savings.
For those questioning the volatility in Gold, here are 6 instances when volatile Gold rates left even experienced bullion traders scratching and fuming.
Disclaimer: All images are attributed to AFP, unless specified.
Text: Sairaj Iyer for Sify.com
Rates: Gold rates are mentioned for NY Comex spot-trading in dollars per troy ounce.
Lead-Image: Attributed to David Gray for AFP - a worker displays a one-kilogram bullion bar at ABC Refinery in Sydney on August 5, 2020.