Gold Plunges 10% to $4,388.80 Ounce, Worst Weekly Drop Since 2011
Gold’s price plunged 10% over the past week to $4,388.80 an ounce, its steepest weekly drop since September 2011 and a 22% decline from January’s $5,589.38 high. Deloitte Canada and Stablecorp unveiled Canadian stablecoin infrastructure, and Providence Gold Mines completed initial sampling at La Dama de Oro.
1. Gold’s Worst Weekly Decline Since 2011
Gold’s price plunged 10% over the last week to $4,388.80 an ounce, down from a January 29 peak of $5,589.38. The metal fell another 4% in early trading on March 23, marking its worst week since September 2011 and its worst month since October 2008 as investors rotate into higher-yield assets.
2. Launch of Canadian Stablecoin Infrastructure
Deloitte Canada and Stablecorp unveiled the first stablecoin infrastructure for Canada ahead of expected federal legislation, targeting financial institutions nationwide. The platform combines Deloitte’s payments and financial-services expertise with Stablecorp’s digital-asset infrastructure to improve transaction speed, reliability and traceability, supporting pegs to the U.S. dollar, Canadian dollar or gold.
3. Providence Gold Mines’ La Dama de Oro Sampling
Providence Gold Mines completed the first stage of stockpile and underground sampling at its La Dama de Oro gold-silver property in California. The sampling was overseen by P.Geo. Mark Payne under the guidance of the company’s NI 43-101 Qualified Person, Dr. Lee Groat, with samples delivered to the laboratory for assay.