Gold futures rose nearly 2% on Monday to mark their highest finish since February 2013. Concerns surrounding COVID-19 and expectations for further monetary easing among global central banks in response to the virus's economic impact continued to provide support for haven gold, analysts said.
April gold rose $27.80, or 1.7%, to settle at $1,676.60 an ounce.
Source : MarketWatch
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...
Oil futures settled lower on Monday, with U.S. prices losing almost 4% as the market continued to fret over the impact of coronavirus on energy demand.
"It could be a bloodbath for oil in the short-term as the risks of a global pandemic will cripple travel and trade," said Edward Moya, senior market analyst at Oanda, in a market update. He said U.S. benchmark crude futures may trade in the mid-$40s by the end of the week "if the number of cases continue to spread across Europe and the Middle...
Gold retreated from the highest level since 2013 as a sell-off in global stocks eased in Asia Tuesday, while authorities around the world moved to keep the coronavirus from spreading.
Spot gold as much as -1% to $1,642.93/oz, before paring declines to $1,655.72 at 10:24am in Singapore. Metal as much as +2.8% to $1,689.31 on Monday, highest level since 2013. Bloomberg Dollar Spot Index -0.1%
Other precious metals: Silver -0.2% to $18.6048/oz, Platinum +0.2% to...
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...