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...
Gold futures gave up earlier gains on Thursday to finish lower for a third straight session.
"Gold prices are always sensitive to the outlook for interest rates, but it's rarely been more strongly correlated against bond yields than it is right now," said Adrian Ash, director of research at BullionVault.
"So while the plunge in the stock market should keep driving gold higher, any pullback in these surging bond prices is also going to hit gold short-term," he said.
Bond prices move in the...
Gold rose for the seventh time in eight days as investors continued to weigh the impact of the coronavirus outbreak, with comments by the Trump administration failing to allay concerns about the disease.
More cases were reported in countries other than China in the past 24 hours for the first time, the World Health Organization said, with new infections in nations from Pakistan to Brazil. President Donald Trump assured Americans that they face little risk, although...
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:...
Oil futures declined on Wednesday, with the U.S crude benchmark settling at its lowest in more than a year as global energy demand worries fed by the spread of COVID-19 pulled prices down for a fourth consecutive session.
April West Texas Intermediate oil fell $1.17, or 2.3%, to settle at $48.73 barrel on the New York Mercantile Exchange. That was the lowest front-month contract finish since January 2019, according to FactSet data.
Source : MarketWatch