Gold Prices Drop as Global Equities Recover By Investing.com

Gold Prices Drop as Global Equities Recover

Commodities Mar 05, 2020 01:54AM ET

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Gold Prices Drop as Global Equities Recover

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By Alex Ho

Investing.com - Gold prices dropped on Thursday in Asia as risk-appetite returned amid reports that the International Monetary Fund (IMF) announced a $50 billion aid package to ease the impact on global economies caused by the coronavirus outbreak.

Gold Futures for April delivery fell 0.2% to $1,640.55 by 1:50 AM ET (05:50 GMT).

IMF Managing Director Kristalina Georgievasaid the $50 billion aid package is available “immediately” and is for low-income and emerging market countries.

Separately, the U.S. House of Representatives overwhelmingly approved an $8.3 billion funding bill to combat the spread of the virus.

Overnight data that showed U.S. services sector activity jumped to a one-year high in Februarywere also cited as headwind for the yellow metal. Meanwhile, the private labor market generated a better-than-expected 183,000 jobs, putting more pressure on gold prices.

Prior to today’s losses, prices jumped as much as 3% on Tuesday after an emergency rate cut by the Federal Reserve and worry that U.S. cases from the coronavirus had crossed the triple-digit mark drove demand for the safe haven.

The last time the Fed made a rate cut between scheduled meetings was in October 2008 at the height of the global financial crisis.

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