Gold on stock markets dropped on Friday, March 27, 2020, but experts say prices were set to post their biggest weekly gain since 2008 as economic damage expected from the coronavirus boosted bullion's safe-haven appeal.
Platinum and palladium were as well on track for their biggest weekly gains on record, as a lockdown in major producer, South Africa, fueled supply worries.
Spot gold fell 0.2 percent to $1,625.16 per ounce.
US gold futures settled 1.5per cent lower at $1,625.80 per ounce.
"A sell-off in US equities has weighed in on all asset classes again leading to a series of margin call pressure on precious metals," said Phil Streible, chief market strategist at Blue Line Futures in Chicago.
Wall Street shares dropped as fears about the economic damage due to the coronavirus pandemic returned.
"Gold has tied itself with the equity markets," said Bob Haberkorn, senior market strategist at RJO Futures.
"There are so many unknowns heading into the weekend, and though gold is a safety asset, there is just a reluctance to add risk-on."
Gold had already gained more than 8.0 percent for last week, supported by losses of jobs around the world, the biggest-ever jump in US weekly jobless claims and the US Federal Reserve's extraordinary economic stimulus measures.
Meanwhile, governments around the world are putting measures in place to at least stabilize the global economy, an example is the US, where the US House of Representatives passed a $2.2 trillion coronavirus aid bill.
What are experts saying about Gold’s performance on the stock markets?
"The market is looking to assess the impact of numerous lockdowns and business closures on the economy," Standard Chartered Bank Analyst, Suki Cooper said in a note.
"Gold prices have gained further ground in anticipation of further stimulus and weaker data to come."
"Price risks remain to the upside barring profit-taking and we expect prices to average $1,725 per ounce in the second quarter of 2020," she said.
Gold market participants, however, kept a close eye on physical supply as virus-led lockdowns hindered supply chains.
CME Group announced the initial listing of enhanced delivery gold futures that will be deliverable in 100-ounce bars, 400-ounce bars, or kilo bars, effective Monday, April 6, 2020.
Meanwhile, physical gold dealers struggled to meet surging safe-haven demand, especially in Singapore, as the pandemic upset global supply chains, while massive discounts were offered in India amid a lockdown.
Elsewhere, palladium dropped 3.2 percent to $2,255.81 per ounce but had risen over 36 percent so far for the week.
Platinum also rose 0.6 percent to $740.47 and had gained about 21 percent for the week.
Whiles, Silver dropped 0.2 percent to $14.36 but was heading for its largest weekly gain since 2008.