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stef stefanov
Mar 20, 2020 12:30AM ET
the herd is always wrong....
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Gold Prices Up In The Midst of Increasing Unpredictability
© Reuters.
By Alex Ho
Investing.com - Gold prices were on the rise Friday morning even as investors reduce their risk in an increasingly unpredictable market.
Gold Futures inched back towards the $1,500 mark after taking huge swings between $1,457.9 and $1,486 in the last session. Prices for the yellow metal rose 0.55% to $1,489 by 11 PM ET (3 AM GMT).
As the COVID-19 pandemic continues to threaten recession, global efforts to sooth equity investors in the past week cut into gold’s reputation as a safe-haven. Investors flocked to the strengthening U.S. dollar in a scramble for cash to cover losses in other markets.
Vivek Dhar, an analyst at Commonwealth Bank of Australia, explained to Bloomberg, “While stimulus measures/rate cuts - including the ECB emergency bond-buying program - are usually positive for gold, we think any support will be short-lived,” He added, “There is a clear preference for the U.S. dollar over gold as global market risks intensify, and that should pressure gold prices lower in the near term.”
Gold prices “can’t catch a break” said Ed Moya, Oanda market analyst, in a Thursday note. But he sounded a more positive note as he added, “The last 24-hours yielded additional stimulus measures from the Fed, ECB and BOE, which should clearly provide gold a springboard that will shoot prices higher once the scramble for cash eases and dollar loses its crown. If the $1,450 an ounce level breaks for gold, we could see one last extreme selloff before long-term bulls jump back in.”
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