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Gold Down as Hopes for Global COVID-19 Economic Recovery Rise

CommoditiesApr 07, 2021 12:11AM ET
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© Reuters.

By Gina Lee

Investing.com – Gold was down on Wednesday morning in Asia, retreating from the two-week high that it hit during the previous session as positive data bolstered hopes for a quick economic recovery from COVID-19.

Gold futures edged down 0.20% to $1,739.45 by 12:08 PM ET (4:08 AM GMT). Falling U.S. Treasury yields saw investors turn from the safe-haven yellow metal, while the dollar slipped to a two-week low.

In the U.S., Tuesday’s JOLTs job openings report for February said that vacancies rose to a two-year high of 7.367 million and added that hiring also recorded its biggest gain in nine months. Meanwhile, China’s Caixin services Purchasing Managers Index for March was 54.3. Investors now await further Chinese data, including the Consumer Price and Producer Price indexes, due on Friday.

The IMF also forecast that global growth could reach 6% in 2021 at the opening of its 2021 spring meetings co-hosted with the World Bank on Apr. 5. The figure is the strongest expansion in at least four decades, thanks to unprecedented public spending, primarily by the U.S., to fight COVID-19. The meetings are scheduled to continue virtually until Apr. 11.

On the COVID-19 front, U.S. President Joe Biden moved up the COVID-19 vaccine eligibility target for all American adults to Apr. 19, further widening the vaccine rollout.

SPDR Gold Trust (P:GLD), the largest gold-backed exchange-traded fund globally, said its holdings fell 0.4% to 1,029.04 tons on Tuesday from 1,032.83 tons on Monday.

In other precious metals, silver was down 0.3% and palladium fell 0.4%, while platinum rose 0.6%.

Gold Down as Hopes for Global COVID-19 Economic Recovery Rise
 

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Comments (5)
Brad Smith
Brad Smith Apr 07, 2021 4:59PM ET
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I don't know about the figures mentioned in this article.
Brad Smith
Brad Smith Apr 07, 2021 4:58PM ET
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"1,029.04 tons" Gina Lee, can you provide any verifiable evidence to support this gold holding claim? How reliable are GLD's holding reports? GLD does not give retail investors the right to redeem for any of its mystery physical gold holdings. This fact alone ensures the GLD shares to be nothing more than paper at the end of the day. GLD also has a glaring audit loophole in their prospectus that states they have no right to audit subcustodial gold holdings. To this day, I have not heard of a single good reason for the existence of this backdoor to the fund. CNBC's Bob Pisani also made a highly publicized visit to GLD's gold vault in a segment called Gold Rush: The Mother Lode. GLD's administration organized this visit to show that GLD's gold actually exists. However, the gold bar held up by Mr. Pisani showed a serial number of ZJ6752 which did not show up on the latest bar list during that time. It was later found that this "GLD" bar actually belonged to ETF Securities.
AIM Investor Journal
AIM Investor Journal Apr 07, 2021 7:20AM ET
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How much thought goes into this analysis, seriously? - " Gold was down ... as positive data bolstered hopes for a quick economic recovery from COVID-19." This kind of thinking does not explain why gold futures have risen over the past 6 sessions from a low of $1678 to a high yesterday of $1745 at the same time the USD index has fallen from a recent high of 93.37 to today's low of 92.25. Today's movements don't really amount to anything in the wider picture. Both gold and the USD are down today which one could try to link to fears of stronger than anticipated inflation (as measured by market participants). The idea being inflationary pressures as a result of a stronger economy weigh on the currency but that doesn't explain a pullback in the gold price. Gold has been a strong defence against inflation and especially at times when the dollar weakens so today's retreat below $1740 should be bought into.
Mehdi Captain Music
Mehdi Captain Music Apr 07, 2021 4:54AM ET
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It is complicated to say up or down at this moment.Better wait until manipulation gets finish.I will sell gold on high price and I will buy it back on low price. Now I have my gold plus with profits. (politic target)
ali alqallaf
ali alqallaf Apr 07, 2021 1:22AM ET
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Hopfully it will rise
 
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