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Gold Down 4th Straight Session as Traders Cast a Wary Eye on Economic Data Amid Coronavirus Spread


Thursday, 2 April 2020 01:46 WIB

GOLDEMAS


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Gold futures on Wednesday started the month with a loss, stretching their decline to a fourth straight session, as traders cast a wary eye on the latest U.S. economic data amid the spread of the COVID-19 pandemic, which has helped to partly support gold buying or at least limited downside for the precious metal.

Equity markets are "down on dire modeling predictions” from U.S. officials Monday on the number of potential deaths in the nation from the coronavirus pandemic, said Jeff Wright, executive vice president of GoldMining Inc.

U.S. economic data Wednesday came in better than expected, but analysts said they don't include much of the impact from the COVID-19 pandemic.

June gold on Comex fell $5.20, or 0.3%, to settle at $1,591.40 an ounce. That marked a fourth decline in a row for the contract. Based on the most-active contracts, gold futures rose 1.9% in March and gained 4.8% for the quarter, according to Dow Jones Market Data.

Source : Marketwatch


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