Gold prices drop below $1900; palladium down 10.5%

Gold prices deepened their losses to fall below $1,900 today, April 25, amid fears of global economic slowdown due to COVID-19 restrictions in China. 

China said its efforts to curb COVID-19 outspread reached a critical stage, as the number of new cases reached 22 on Sunday, the highest daily number of infections announced this year. 

Gold futures for June delivery dropped by around 2%, or $38.2, reaching $1,896 per ounce at 4:00 p.m. Makkah Time. Spot prices for the yellow metal dipped 1.86% to $1,895 per ounce. 

Silver futures for July delivery declined by 2.77% to $23.65 per ounce. 

Spot platinum prices were 1.62% lower at $916.25 per ounce, while spot palladium prices fell 10.62% to $2.126 per ounce. 

The US Dollar Index (DXY), which gauges the greenback's strength against a basket of six currencies, rose by nearly 0.40% to 101.649 points