Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Gold Down, But Losses Capped Over Rising COVID-19 Cases

CommoditiesApr 19, 2021 12:07AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

By Gina Lee

Investing.com – Gold was down on Monday morning in Asia but remained near the seven-week peak hit during the previous session as retreating U.S. Treasury yields boosted demand for the safe-haven yellow metal.

Gold futures edged down 0.12% to $1778 by 11:58 PM ET (3:58 AM GMT). The dollar, which usually moves inversely to gold, edged up on Thursday but remained near a one-month low.

The benchmark U.S. 10-year Treasury yields fell towards multi-weeks low touched during the previous week.

Investors' worries about the ever-rising number of COVID-19 numbers globally, alongside the number of global deaths from the virus topping the 3 million mark, also capping gold’s losses.

A slower-than-hoped-for COVID-19 vaccine rollout and the spike in mutant COVID-19 strains also remain concerning. reporting its first two cases of the mutated N501Y COVID-19 strain over the weekend. Hong Kong on Sunday banned flights into the city from India, Pakistan, and the Philippines, after reporting its first two cases of the mutated N501Y COVID-19 strain.

On the central bank front, the European Central Bank will hand down its policy decision later in the week, with the Reserve Bank of Australia releasing the minutes from its latest meeting on Tuesday.

On the physical side, gold purchases in India decreased over elevated domestic prices and renewed COVID-19 restrictions as the country continues to see a surge in cases.

Meanwhile, China increased its bullion imports in a sign that demand could be increasing. Commercial banks were also reportedly authorized to import large amounts of gold into the country.

The U.S. Commodity Futures Trading Commission also said on Friday that hedge funds and money managers cut their bullish positions in COMEX gold and raised them in silver contracts in the week to Apr. 13.

In other precious metals, silver rose 0.4% and platinum gained 0.5%, while palladium eased 0.5%.

Gold Down, But Losses Capped Over Rising COVID-19 Cases
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Cash Empire
Cash Empire Apr 19, 2021 1:48AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Gold is struggling to climb up...while the COVID-19 tryna hold it...well will see a pandemic vs a precious GOLD💲💲🇹🇿🇹🇿🇹🇿
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email