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Gold down as potential Japanese stimulus boosts risk appetite


Monday, 25 May 2020 12:17 WIB

GOLDEMAS


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Gold declined on Monday as Japanese equities rose on news of a potential stimulus programme that boosted investors' risk appetite, though fresh tensions over Hong Kong limited the metal's fall.

Spot gold fell 0.4% to $1,728.06 per ounce by 02:52 GMT. U.S. gold futures were down 0.4% at 1,728.50.

Gold on Friday rose as much as 0.8% to touch $1,739.51, before paring gains.

Japan is considering fresh stimulus worth over $929 billion, which mostly consists of financial aid programmes for companies hit by the coronavirus pandemic, the Nikkei newspaper said.

Japan's Nikkei jumped 1.5% following the report.

Highlighting a return of political uncertainty, thousands rallied on Sunday to protest against Beijing's plan to impose national security laws on Hong Kong.            

The proposed national security legislation for Hong Kong could lead to U.S. sanctions and threaten the city's status as a financial hub, White House National Security Adviser Robert O'Brien said on Sunday.            

Gold is seen as a safe-haven asset during political and economic uncertainties.

Reflecting investor sentiment, SPDR Gold Trust holdings, the world's largest gold-backed exchange-traded fund, rose 0.4% to 1,116.71 tonnes on Friday.    

Source: Reuters


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