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Gold Down as Investors Continue to Consolidate Earlier Gains

Published 06/12/2020, 12:14 AM
Updated 06/12/2020, 12:18 AM
© Reuters.

By Gina Lee

Investing.com – Gold was down on Friday morning in Asia, with investors continuing to consolidate their gains from earlier in the week.

The yellow metal hit a weekly high during the previous session, boosted by the U.S. Federal Reserve’s decision to keep interest rates low during its policy meeting on Wednesday.

Gold futures were down by 0.36% at $1,6733.55 by 12:16 AM ET (5:16 AM GMT). Stocks, which usually move inversely to gold, were also down on Friday.

“You had a lot of fresh infections, which seemed to spook investors a bit so that pretty much put everybody into a risk-off and basically they’re selling everything except for the dollar and natural gas,” Michael Matousek, head trader at U.S. Global Investors, told CNBC.

Meanwhile, 1.542 million Americans submitted unemployment claims during the week, slightly lower than the 1.55 million claims predicted in forecasts prepared by Investing.com.

Latest comments

why should gold be down when investors are spooked, and powell said US economy was in a bad shape?
Its just market nature... people who bought on Powell’s speech on wednesday are now taking some profits (which increases the amount of supply) And results a pullback to 1725$ level which they just broke... same thing on JPY
market manipulation
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