Print Page   |   Report Abuse   |   Sign In   |   Register
IPMI and Industry News: Industry News

Gold prices fall more than 1.5% even as stocks retreat and coronavirus cases seen rising

Monday, June 15, 2020   (0 Comments)
Posted by: Matt Watson
Share |

Metals Stocks

Gold prices fall more than 1.5% even as stocks retreat and coronavirus cases seen rising

Silver futures trade down by more the an 2%


 Gold futures headed sharply lower on Monday, failing to derive support from a weaker U.S. dollar or a selloff that was taking shape in global markets to start a week that appears rattled by worries about growing evidence of rising cases of coronavirus.

Some market participants said the downturn in bullion may signal the momentary uneasiness by investors around the pandemic but the failure of the dollar to rise as it did during the rout for financial markets in March may signal that the apparent deterioration in the appetite for risk on Wall Street may be a temporary one.

Raffi Boyadjian, senior analyst at XM, in a Monday research note, said that “the greenback appeared to lose some steam, which perhaps is an indication that this risk-off episode may be nothing more than temporary market jitters.”

The dollar was down 0.2% at 97.169, as measured by the ICE U.S. Dollar Index DXY, -0.35%, a gauge of the buck against a half-dozen rivals.

August gold GCQ20, -1.19% was down $27.30, or 1.5%, at $1,710 an ounce on Comex, according to FactSet data. The yellow metal saw a weekly gain of 3.2% based on last Friday’s settlement of the most-active contract.

Meanwhile, July silver SIN20, -1.09% shed 40 cents, or 2.3%, at $17.08 an ounce, with the metal finishing almost unchanged for the week.


Read the full article at:  https://www.marketwatch.com/story/gold-prices-tumble-more-than-15-even-as-stocks-retreat-and-coronavirus-cases-seen-rising-2020-06-15

 

 

Association Management Software Powered by YourMembership  ::  Legal