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Gold Declines as Investors Assess Recovery, Protests


Wednesday, 3 June 2020 14:21 WIB

GOLDEMAS


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Gold dropped for a second day as traders assessed the haven’s merits amid a rally in stocks and positive signs from economies reopening, while also focusing on continued civil unrest across the U.S.

Businesses are resuming operations worldwide, while manufacturing gauges are painting a more optimistic picture. Activity in China has recovered to 80% to 85% of pre-virus levels, according to Bloomberg Economics. Still, risks to growth remain, including simmering U.S.-China relations that could jeopardizetheir hard-won trade deal.

Meanwhile, Donald Trump attracted criticism for the government’s violent dispersal of protests that were sparked by the police killing of George Floyd, an unarmed black man. Thousands of people marched in cities from New York to Los Angeles as curfews went into effect.

Spot gold -0.3% to $1,723.42/oz at 7:25am in London after -0.7% Tuesday. Silver -1%, platinum -0.8%, palladium +0.7%. The Bloomberg Dollar Spot Index -0.3%, declining for 7th time in 8 days.

Source : Bloomberg


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