Gold futures fell nearly 2% on Tuesday, with prices giving back nearly all of what they gained a day earlier.
"While economic growth concerns surrounding the coronavirus were the most recent impetus supporting gold prices, there is very little reason for gold prices to move significantly lower given the current global environment," said Jeff Klearman, portfolio manager at GraniteShares.
"Gold prices have benefited from three main factors, including heightened investor appetite for safe haven...
Gold futures fell on Wednesday for a second straight session, pressured on the heels of some strength in the U.S. dollar, even as concerns over the economic hit from COVID-19 remain.
"It would appear that gold needs a clear sign of a pandemic and clear signs of severe global slowing to ignite a return of aggressive investment buying," said analysts at Zaner Metals, in a daily note. "The trade could be fearful about the potential for a sustained setback in Chinese physical gold...
Oil fell below $55 a barrel on Tuesday, dropping for a third day, as concerns about the spread of the coronavirus and its impact on oil demand outweighed OPEC output cuts and Libyan supply losses.
Crude fell almost 4% on Monday, with other commodities also reporting losses while U.S. and European equities suffered their steepest declines since mid-2016 on concern the coronavirus outbreak could turn into a pandemic.
Brent crude fell $1.48 to trade at $54.86 per barrel. U.S. West Texas...
Gold rebounded after the U.S. Centers for Disease Control and Prevention warned Americans to prepare for a potential coronavirus outbreak at home and the total number of cases in South Korean topped the 1,000 mark.
Spot gold as much as +0.7% to $1,646.33/oz, and was at $1,643.66 at 9:18am in Singapore
Metal -1.5% Tuesday after touching $1,689.31 on Monday, the highest level since 2013
Bloomberg Dollar Spot Index steady after -0.2% Tuesday
Other precious metals:...
Gold prices fell on Tuesday as investors booked profits after the metal surged to a more than seven-year high in the previous session and as equities regained some footing, but a spike in coronavirus cases outside China capped bullion™s losses.
Spot gold slipped 0.7% to $1,649.70 per ounce by 0847 GMT, having slipped 1.7% at one point earlier in the session. U.S. gold futures fell 1.5% to $1,652.
On Monday, the metal rose as much as 2.8% to $1,688.66, its highest since January 2013.