Rising gold from weak dollar, expectations of epidemic climax limit profit

According to the US Weekly Unemployed Claims Report, gold prices rose slightly on Thursday, with the dollar expected to depreciate, while the new coronovirus epidemic is limited above the metal, raising appetite for a risk.

Fundamentals

  • Spot gold rose 0.1% to $ 1,646.81 an ounce on Tuesday, from 0059 GMT, reaching a one-month peak on Tuesday. US gold futures closed down 0.1% at $ 1,682.70.
  • The dollar was down 0.1% against major rivals, making gold cheaper for investors of other currencies.
  • Asian stocks were set to climb Wall Street’s gains and the budding optimism of risk-sensitive currencies, the epidemic may be at its peak.

New York’s toughest state, New York, recorded the highest number of coronovirus-related deaths on a single day. Even experienced doctors and nurses expressed shock at the speed with which patients were shrinking and dying. The Pacific Investment Management Company said that closing businesses across the United States and increasing unemployment forced US growth to grow 30% in the second quarter and 5% overall in 2020. Minutes of Federal Reserve emergency meetings in March led policymakers to try to stay ahead of the rapidly spreading epidemic with decisions that could shape the global economy for decades to come. The European Union’s disease surveillance agency said that COVID-19 disease is still infecting and killing large numbers of people across Europe and there is no indication yet that the region’s outbreak has reached its peak. Europe needs to show more solidarity in its fight against the coronovirus, said Christine Lagarde, president of the European Central Bank, as the leaders of the bloc remain deadlocked about a common backlash. The SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holding rose 0.3% to 988.63 tonnes on Wednesday.

  • Palladium fell 0.5% to $ 2,164.40 an ounce, while silver declined 0.1% to $ 15.03. Platinum rose 0.5% to $ 733.30, touching a three-week high in the previous session.

Rising gold from weak dollar, expectations of epidemic climax limit profit

Binoy Roy

Binoy Roy

A late bloomer but an early learner, Binoy likes to be honestly biased. Though fascinated by the far-flung corners of the galaxy, He doesn’t fancy the idea of humans moving to Mars. Francisca is a Contributing Author for Newstrail. Be it mobile devices, laptops, etc. he brings his passion for technology wherever he goes. Email:- millionairbook.com@gmail.com

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