Gold was headed on Friday for its worst monthly loss since 2016 as the yellow metal broke below key mid-$1,700 support, following most commodities and Wall Street stocks lower for a second straight day as investors revalued their portfolios.
By 10:41 AM ET (15:41 GMT), gold for April delivery on New York’s Comex was down $44.90, or 2.5%, at $1,730.50 per ounce. It earlier tumbled to $1,722.55, its lowest since June 9 bottom of $1,715.90.
For the week, the benchmark gold futures contract was down 2.8%, following through with the previous week’s slide of 2.5%. With Friday being the last trading session for February, it was also due to finish the month down almost 6.5%, its most since November 2016, when it fell 7.2%