Gold futures ended lower Wednesday, but of session lows as tensions between the U.S. and China worsened after Secretary of State Mike Pompeo announced that Hong Kong is no longer autonomous from China.
The announcement could lead the Trump Administration to revoke special treatment for the Hong Kong economy, which is exempt from tariffs levied on Chinese imports. Jeff Wright, executive vice president of GoldMining Inc., had expected to see a "snap back" in prices with U.S.-China tensions...
Gold fell over 1% on Tuesday as major economies further eased coronavirus-linked restrictions, fuelling hopes for economic recovery and bolstering risk appetite.
Spot gold slipped 1.1% to $1,710.95 per ounce, having earlier hit a low since May 13 at $1,708.47. U.S. gold futures settled down 1.7% at $1,705.60.
U.S. stocks surged as investors grew optimistic about business restarts and a potential coronavirus vaccine.
Elsewhere, palladium dropped 1.3% to $1,966.43 per ounce, platinum fell...
Gold futures lost some ground Tuesday as global equities rallied in response to easing business lockdowns as the pandemic recedes and encouraging reports of progress toward a COVID-19 vaccine, dulling the yellow metal™s haven appeal.
Gold for June delivery on Comex fell $10.60, or 0.6%, to $1,724.90 an ounce, while July silver was up 9.7 cents, or 0.5%, at $17.79 an ounce.
Gold is trading "in a scenario where investors are looking for fresh stimuli to move markets. The risk on approach...
Gold edged lower on Tuesday as hopes of economic recovery lifted share markets with many countries easing coronavirus-driven lockdowns, although Sino-U.S. tensions over Hong Kong limited bullion's losses.
Spot gold was down 0.3% at $1,724.74 per ounce by 09:06 GMT. U.S. gold futures fell 0.6% to $1,725.10.
Elsewhere, palladium dropped 0.9% to $1,973.32 per ounce and platinum fell 0.6% to $833.17, while silver jumped 1% to $17.37.
Source : Reuters
Gold lost ground Wednesday, sliding below the psychologically important $1,700-an-ounce level as an ongoing stock-market rally in response to easing COVID-19 lockdowns robbed the yellow metal of its haven appeal.
Gold for June delivery on Comex dropped $12.60, or 0.7%, to $1,693 an ounce, while July silver was off 13 cents, or 0.7% at $17.465 an ounce.
A dip below $1,700 could turn into a further correction, said Carsten Fritsch, analyst at Commerzbank, in a note. U.S. equities rose sharply...