Gold Prices Inch Down After Jumping Past $1,700 for First Time in Seven Years By Investing.com

Gold Prices Inch Down After Jumping Past $1,700 for First Time in Seven Years

CommoditiesMar 09, 2020 02:12AM ET

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Gold Prices Inch Down After Jumping Past $1,700 for First Time in Seven Years

By Alex Ho

Investing.com - Gold prices inched down on Monday in Asia after jumping past the $1,700 per ounce level earlier in the day.

Gold Futures for April delivery were down 0.2% to 1,669.00 by 1:10 AM ET (05:10 GMT). It traded as high as $1,703.90 earlier in the day as a global rush into safe havens intensified.

Turmoil in the oil markets sent global stocks down today, while the spread of the coronavirus also put pressure on riskier assets. Asian markets traded in a sea of red in the morning, with Australian stocks down more than 7% at one point.

Meanwhile, the yellow metal, which surged 18% so far in 2019, rose earlier in the day before giving back some of its gains.

Global health crisis and rate cuts by central banks were cited as tailwind for gold.

The U.S. Federal Reserve announced an emergency rate cut last week, while traders await this week’s scheduled policy meeting of the European Central Bank.

“There’s a clear rush to safe-haven assets at the moment and gold’s a major beneficiary,” said Michael McCarthy, chief market strategist at CMC Markets in a Bloomberg report. Markets are concerned that “we could see a more ugly situation before things get better, which of course is good news for gold,” he said.

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Silverbug 19 Mar 09, 2020 5:58AM ET

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Repo billions and trillions a day. Gold is money when money fails

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US 30 Futures	33,656.0	+86.0	+0.26%
US 500 Futures	4,122.75	-10.00	-0.24%
Dow Jones	33,730.89	+53.62	+0.16%
S&P 500	4,124.66	-16.93	-0.41%
Nasdaq	13,857.84	-138.26	-0.99%
S&P 500 VIX	16.99	+0.34	+2.04%
Dollar Index	91.640	-0.204	-0.22%

Crude Oil WTI	62.87	+2.69	+4.47%
Brent Oil	66.35	+2.68	+4.21%
Natural Gas	2.617	-0.002	-0.08%
Gold	1,736.90	-10.70	-0.61%
Silver	25.473	+0.047	+0.18%
Copper	4.1098	+0.0783	+1.94%
US Soybeans	1,409.62	+20.62	+1.48%

SPDR S&P 500	411.49	-1.37	-0.33%
iShares Russell 2000	223.34	+2.20	+0.99%
Invesco QQQ Trust	336.48	-4.12	-1.21%
Direxion Daily Junior Gold Miners Bull 2X Shares	87.86	-2.36	-2.62%
iShares Silver	23.59	+0.08	+0.34%
ProShares Ultra VIX Short-Term Futures	4.85	+0.16	+3.41%
ProShares UltraPro QQQ	106.56	-3.95	-3.57%

Apple	132.14	-2.29	-1.70%
Alphabet A	2,241.81	-12.62	-0.56%
Tesla	732.76	-29.56	-3.88%
Amazon.com	3,334.17	-65.83	-1.94%
Netflix	539.84	-13.89	-2.51%
Facebook	302.82	-6.94	-2.24%
Bank of America	39.89	+0.57	+1.45%

Gold Prices Inch Down After Jumping Past $1,700 for First Time in Seven Years

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