Gold Down Amid Investors’ COVID-19 Fears

 Gold Down Amid Investors’ COVID-19 Fears
imageCommodities9 hours ago (May 21, 2020 12:48AM ET)

(C) Reuters.

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

Gold futures were down 0.49% at $1,743.45 by 12:46 AM ET (5:46 AM GMT), with investor caution over the status of global recovery from the COVID-19 virus impacting even the safe-haven yellow metal.

Stocks, which usually move in the opposite direction to gold, were mixed on Thursday morning.

Risk sentiment soured as the number of cases continues to break records in countries such as Brazil and Mexico. Countries such as India and Spain are extending their lockdowns, to curb the spread of the virus even as other countries continue to lift them as their number of cases fall.

Japanese Prime Minister Shinzo Abe will decide later today whether to lift the state of emergency in Osaka, although it will not be lifted for Tokyo.

Meanwhile, minutes from the U.S. Federal Reserve’s April meeting released overnight showed reaffirmation of a pledge to keep interest rates near zero until economic recovery from the COVID-19 virus is further along.

Gold Down Amid Investors’ COVID-19 Fears

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