Gold prices edged lower in volatile trade on Wednesday as a flight to cash offset growing hopes for a massive U.S. economic stimulus to stem the coronavirus outbreak’s economic toll.
Spot gold fell 0.3% to $1,605.45 per ounce by 0447 GMT, after rising as much as 1.6% earlier in the day. The metal jumped more than 3% in the previous session.
U.S. gold futures climbed 0.5% to $1,668.60.
Benchmark spot gold prices continued to trade below U.S. gold futures in a sign that the market is worried air travel restrictions and precious metal refinery closures will hamper shipments of bullion to the United States to meet contractual requirements.
Source : Reuters