Connect with us

Hi, what are you looking for?

Commodities & Futures

Gold Down, But Losses Capped Over Rising COVID-19 Cases

Commodities4 minutes ago (Apr 19, 2021 12:07AM ET)

(C) Reuters.

By Gina Lee

Investing.com – Gold was down on Monday morning in Asia but remained near the seven-week peak hit during the previous session as retreating U.S. Treasury yields boosted demand for the safe-haven yellow metal.

Gold futures edged down 0.12% to $1778 by 11:58 PM ET (3:58 AM GMT). The dollar, which usually moves inversely to gold, edged up on Thursday but remained near a one-month low.

The benchmark U.S. 10-year Treasury yields fell towards multi-weeks low touched during the previous week.

Investors’ worries about the ever-rising number of COVID-19 numbers globally, alongside the number of global deaths from the virus topping the 3 million mark, also capping gold’s losses.

A slower-than-hoped-for COVID-19 vaccine rollout and the spike in mutant COVID-19 strains also remain concerning. reporting its first two cases of the mutated N501Y COVID-19 strain over the weekend. Hong Kong on Sunday banned flights into the city from India, Pakistan, and the Philippines, after reporting its first two cases of the mutated N501Y COVID-19 strain.

On the central bank front, the European Central Bank will hand down its policy decision later in the week, with the Reserve Bank of Australia releasing the minutes from its latest meeting on Tuesday.

On the physical side, gold purchases in India, gold purchases in India decreased over elevated domestic prices and renewed COVID-19 restrictions as the country continues to see a surge in cases.

Meanwhile, China increased its bullion imports in a sign that demand could be increasing. Commercial banks were also reportedly authorized to import large amounts of gold into the country.

The U.S. Commodity Futures Trading Commission also said on Friday that hedge funds and money managers cut their bullish positions in COMEX gold and raised them in silver contracts in the week to Apr. 13.

In other precious metals, silver rose 0.4% and platinum gained 0.5%, while palladium eased 0.5%.

Gold Down, But Losses Capped Over Rising COVID-19 Cases

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.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora incidunt.

Uncategorized

Nemo enim ipsam voluptatem quia voluptas sit aspernatur aut odit aut fugit, sed quia consequuntur magni dolores eos qui ratione.

Uncategorized

Quis autem vel eum iure reprehenderit qui in ea voluptate velit esse quam nihil molestiae consequatur, vel illum qui dolorem eum.

Uncategorized

Neque porro quisquam est, qui dolorem ipsum quia dolor sit amet, consectetur, adipisci velit, sed quia non numquam eius modi tempora.

Disclaimer: Buzzclever.com it's managers and its employees (collectively "The Company") do not make any guarantee or warranty about what is advertised or above. Information provided by this website is for research purposes only and should not be considered as personalized financial or health advice. Copyright © 2021 Buzz Clever. All Rights Reserved