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Gold headed for the lowest close in three months as the dollar soared to a record on mounting concern there will be a global recession because of the pandemic, with investors preferring the haven offered by the world’s reserve currency against shelter in the precious metal.
Bullion retreated for the seventh time in eight sessions after getting only a brief lift from a package of stimulus measures from the European Central Bank.
The region’s policy makers launched an extra emergency bond-buying program worth 750 billion euros ($820 billion) to cushion the economy as the continent surpasses China in its number of confirmed cases and deaths.
Markets have been whipsawed in recent weeks, and gold hasn’t been spared, as investors sold the metal to cover losses elsewhere and the greenback surged.
The CBOE Gold ETF Volatility Index, a measure of expectations for price swings, is at the highest since 2008. – Bloomberg.
Online Reporter