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Gold Extend Gains; U.S. Reports Slowing Number of New COVID-19 Cases

CommoditiesApr 06, 2020 10:56PM ET
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By Gina Lee

Investing.com – Gold prices were up in Asia on Tuesday following their surge of more than 3% during the previous session.

Gold futures were up by 1.43% at $1,717.9 by 9:24 PM ET (2:24 AM GMT) as investors anticipate further global measures to combat the economic damage caused by the COVID-19 pandemic.

“Physical demand continues to dominate and support gold prices. Massive amounts of stimulus are effectively diluting currencies so gold demand is coming from all directions,” Phil Streible, chief market strategist at Blue Line Futures in Chicago, told CNBC.

Although officials warned that it was too early to say with certainty, the U.S. reported a slowing number of new cases of the virus over the weekend. Italy and Spain also reported falling fatalities.

Although prices for the yellow metal usually move in the opposite direction to the equity markets, Asian stockalso continued their upward trend on the same day.

“We think the set-up for a multi-year bull market is being cemented as the market is awash with both monetary and fiscal stimulus while rates are at the zero bound,” TD Securities analysts said in a note.

“Which suggests investors will continue to seek gold’s warm embrace as real global rates become entrenched in negative territory,” the noted added.

Gold Extend Gains; U.S. Reports Slowing Number of New COVID-19 Cases
 

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