Coronavirus spooks commodity market: Crude oil, gold, silver, platinum tank up to 26%
NEW DELHI: Global commodity market witnessed severe selling pressure on Monday, in line with the equities, amid fears that the rising coronavirus cases may severely impact the global economy.
Brent oil prices crashed nearly 10 per cent during the day, while precious metals pack also nosedived, with platinum falling more than 25 per cent to hit a 17.5-year low. Investors dumped hard assets in favour of cash after a US rate cut failed to stem a coronavirus-led selloff.
An emergency rate cut by the US Federal Reserve also failed to calm global financial markets while a price war raged on between the top oil producers.
