Gold Gives Up Earlier Gains Amid Continued Second Wave Fears  By

© Reuters.

By Gina Lee – Gold was down on Tuesday morning in Asia, giving up its gains from earlier in the session. 

were up by 0.07% at $1,705.65 by 12:05 AM ET (5:05 AM GMT), with a second wave of COVID-19 cases infecting the safe-haven yellow metal. 

Stocks, which usually move in the opposite direction to gold, were mixed, but mostly continued their retreat from Tuesday morning. 

China and South Korea are scrambling to contain second wave outbreaks that spread over the weekend, with Chinese health authorities calling for vigilance on Tuesday to prevent an increase in numbers. 

Meanwhile, Korea reported 26 new cases on May 12. 

Investors are looking to Federal Reserve Chairman Jerome Powell’s speech later in the day, amid rising speculation the U.S. could adopt negative interest rates. 

Should Powell announce more stimulus measures, they would support gold as it is used as hedge against both inflation and currency debasement. 

The dollar was also up in anticipation of Powell’s speech.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

{n.callMethod? n.callMethod.apply(n,arguments):n.queue.push(arguments)};
s.parentNode.insertBefore(t,s)}(window, document,’script’,
fbq(‘init’, ‘751110881643258’);
fbq(‘track’, ‘PageView’);

by :

Source link

Capital Media

Read Previous

L’égyptien QNB Alahli obtiendra un prêt de 100 millions $ destiné à financer des entreprises dans le besoin

Read Next

Can a business still be small with 500 employees?