"Nowhere to hide" as all asset classes selling off Friday, including safe-haven gold

New York (Mar 13)  Gold  prices are again sharply down and hit a 2.5-month low in late-morning trading Friday, as an early, sharp rally in the U.S. stock market has faded fast and most asset classes are seeing selling pressure resurface as of this writing. As one trader put it on Thursday: “There is nowhere to hide” amid the relentless selling pressure in many markets that has forced margin-call selling and a “sell what you can” mentality among traders and investors. Just since Monday’s high in April gold futures, at $1,704.30, gold prices late Friday morning were down almost $200.00 from that high-water mark. The coronavirus panic-selling has resurfaced and fear and uncertainty are still very high. Look for very volatile and active trading in many markets the rest of the day Friday, heading into a very, very uncertain weekend. April gold was last down $55.00 an ounce at $1,535.00.

KitcoNews