Reuters reported that gold was poised to take the biggest weekly drop seen since December with investors selling rapidly to cover losses in the equity markets.

As quoted in the market report:

It looks bearish at this time, so we might see $1,600. (But we first) have to breach $1,625,” said Brian Lan, managing director of GoldSilver Central Pte Ltd in Singapore, adding that there was no physical buying from China which was away on a week-long Lunar New Year break.

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