Gold futures fell sharply on Friday for a fourth session in a row, posting a weekly loss of more than 9%–the largest since September 2011. “It seems that investors have been selling gold in order to cover losses elsewhere,” said Caroline Bain, chief commodities economist at Capital Economics, in a note.
“Ample liquidity in the gold market means that the sale of gold holdings is a relatively quick and seamless way to raise cash in times of need.” April gold shed $73.60, or 4.6%, to settle at $1,516.70 an ounce. Prices for the most-active contract lost 9.3% for the week, according to FactSet data.
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