The palladium fell up to 28% on Thursday because panicked sales driven by the intensification of fears Precious metals reached the coronavirus pandemic, in a session in which gold fell 4%.
“What we are seeing is that market participants and investors are indiscriminately selling all kinds of assets,” said David Meger, director of metals trading at High Ridge Futures.
World stock markets sank and oil fell more than 5% after the President of the United States, Donald Trump, banned travel from Europe to stop the spread of the coronavirus, threatening the world economy with more problems.
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Palladium led the crash in precious metals, falling to its lowest level since October 2019 at $ 1,653.51 per ounce.
The metal has lost more than 35% since he reached a record high of $ 2,875.50 on February 27, as concerns about demand begin to offset a strong supply deficit.
Spot gold, meanwhile, fell 2.6% to $ 1,592.61 per ounce at 1810 GMT. Gold futures in the United States lost 3.2% to $ 1,590.30.
The bullion has been erasing its earnings after surpassing $ 1,700 an ounce on Monday for the first time since late 2012.
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The coronavirus pandemic has infected more than 121,000 people in 118 countries and killed nearly 4,300.
In other precious metals, silver fell 4.5% to $ 15.99 an ounce, its lowest level since July 17, while platinum lost 9.6% to $ 777.76, at its worst Session since September 1986.
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