admin
Gold touched its lowest in more than a week yesterday, as the dollar strengthened ahead of a raft of corporate earnings and macro data that will highlight the economic damage from the coronavirus crisis.
Spot gold was down 0,2 percent to $1 680,46 per ounce, having touched its lowest since April 9, at $1 670,55. The metal shed as much as 2 percent last Friday after global equity markets gained on hopes the United States would reopen its economy. US gold futures eased 0,2 percent to $1 695,90.
“The dollar has remained strong, which may be aiding these moves in gold,” OANDA analyst Craig Erlam said, adding gold could also be seeing some profit-taking continuing from last week.
“If gold can break and hold below $1 680, it could trigger a move back towards $1 640 or maybe even $1 600. However, I still think it’s bullish longer-term; the sheer amount of stimulus and uncertainty should continue to support prices.”
Safe-haven gains for the US dollar limited gold’s appeal, with the dollar index gaining 0,2 percent as global growth fears intensify.—Reuters.
Online Reporter