Gold Weakens Against Unemployed Claims Data in the United States

(Reuters) – Gold prices plummeted on Thursday as expectations of increased unemployment claims in the United States due to the coronavirus epidemic overshadowed a massive US stimulus package and fueled a rush money for investors.

Spot gold fell 0.8% to $ 1,600.22 an ounce at 0508 GMT, after falling 1% earlier in the session.

“There is no positive growth here until business reopens, and that could see all of those assets, which benefited from the (recent) stimulus announcement from the US Federal Reserve, including gold , “said DailyFx currency strategist Ilya Spivak.

“What we are looking at is a period of consolidation in gold and you see it through a variety of assets.”

The US Senate overwhelmingly backed a $ 2 trillion bill on Wednesday to help workers and jobless industries affected by the coronavirus epidemic, as well as provide billions of dollars to buy emergency medical equipment. .

Asian stock markets rose slightly, but gains were capped as investors were torn between relief when the package was passed to the Senate and whether it will be enough to weather the storm ahead.

The Fed announced Monday that it will buy unlimited bonds and support direct business loans, the latest in a series of measures taken over the past 10 days to calm markets and support the economy.

Gold market participants, meanwhile, also closely watched fears of a tight supply in the market, following a sharp divergence between prices in London and New York, the coronavirus having immobilized planes and closed refineries of precious metals.

US exchange operator CME Group on Tuesday announced a new gold futures contract to combat price volatility caused by the closure of gold supply routes, but traders and bankers said it would not immediately calm the markets.

Measures taken by the CME to ease the compression of the physical market have also contributed to the decline in gold prices, analysts at Phillip Futures said in a note.

Gold futures in the United States fell 0.7% to $ 1,622.60 per ounce from a strong rally at $ 1,699.30 per ounce during the the previous session, but were still trading above the London spot metals contract.

SPDR Gold Trust, the world’s largest exchange-traded fund backed by gold, said on Wednesday that its holdings increased 1.4% to 949.15 tonnes.

Among other precious metals, palladium fell 1.2% to $ 2,288.17 an ounce, after increasing about 20% in the previous session when it recorded its best daily gain since 1997, the blocking of the main South African producer exacerbating supply difficulties.

Platinum slipped 1.5% to $ 726.77 an ounce, while silver fell 1% to $ 14.29 an ounce.

Reports by Shreyansi Singh and K. Sathya Narayanan in Bengaluru; Editing by Aditya Soni

Our standards:Principles of the Thomson Reuters Trust.

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