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Tech & Science Gold drops on hopes of a virus slowdown

02:35  08 april  2020
02:35  08 april  2020 Source:   msn.com

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GLOBAL MARKETS-Asian shares cautiously gain on hopes virus is slowing , dollar slips. By Sumita Layek April 7 (Reuters) - Gold prices fell over 1% on Tuesday, retreating from a near one-month high hit earlier in the session, as signs of slowdown in coronavirus cases in major epicentres boosted equity

April 7 (Reuters) - Gold prices fell over 1% on Tuesday, retreating from a near one-month high hit earlier in the session, as signs of slowdown in "What we're seeing in equity markets is more of a stabilization with the peaking (coronavirus) numbers in some U.S. jurisdictions," said Bart Melek, head

11 March 2020, North Rhine-Westphalia, Bonn: A man lifts a 12.5 kilogram gold bar of the German Gold Reserve, which is secured in a display case. The exhibition © Copyright 2020, dpa (www.dpa.de). Alle Rechte vorbehalten 11 March 2020, North Rhine-Westphalia, Bonn: A man lifts a 12.5 kilogram gold bar of the German Gold Reserve, which is secured in a display case. The exhibition "Wir Kapitalisten - Von Anfang bis Turbo" can be seen from 13 March to 12 July 2020 in the Bundeskunsthalle. Photo: Oliver Berg/dpa - ATTENTION: Only for editorial use in connection with a report on the exhibition and only with full mention of the above credit (Photo by Oliver Berg/picture alliance via Getty Images)

Gold prices have fallen over 1.0 per cent, retreating from a near one-month high hit earlier in the session, as signs of a slowdown in coronavirus cases in major epicentres boosted equity markets, drawing away some of the bullion's safe-haven appeal.

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GLOBAL MARKETS-Asian shares cautiously gain on hopes virus is slowing , dollar slips. Tuesday on early signs of the coronavirus outbreak plateauing in some of the biggest U.S. hot spots, with the New York governor saying social distancing measures to curtail the spread of the virus were working.

GLOBAL MARKETS-Asian shares cautiously gain on hopes virus is slowing , dollar slips. PRECIOUS- Gold falls from 1-month high as stocks By Asha Sistla April 7 (Reuters) - Gold prices fell on Tuesday from a one-month high as equities gained on signs of a slowdown in fresh coronavirus

Spot gold fell 1.0 per cent to $US1,644.51 an ounce after touching $US1,671.40.

"What we're seeing in equity markets is more of stabilisation with the peaking (coronavirus) numbers in some US jurisdictions," said Bart Melek, head of commodity strategies at TD Securities.

"All that really tells us is that there might be an end game to this, but by no means is the world benign and risk-friendly," he said, adding that expectations of more stimulus with lower interest rates for the long term will continue to support gold prices.

World stock markets registered the second day of sharp gains on signs of progress against the coronavirus in both Europe and the United States.

Eurozone finance ministers are likely to agree on measures worth half a trillion euros for financial recovery, while Japanese Prime Minister Shinzo Abe declared a state of emergency and rolled out a nearly $US1 trillion stimulus package to soften the economic blow.

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April 7 (Reuters) - Gold prices eased on Tuesday from a one-month high as the U.S. dollar gained strength on signs of a slowdown in fresh coronavirus cases, but concerns over the economic fallout from the pandemic provided a floor to bullion. Spot gold XAU= was down 0.2% to

Gold prices eased on Tuesday from a one-month high as the U.S. dollar gained strength on signs of a slowdown in fresh coronavirus cases, but concerns over New York Governor Andrew Cuomo said on Monday that hospitalizations of coronavirus patients were down and the rate of the rise in deaths has

Gold prices had risen as much as 3.2 per cent in the previous session.

"The underlying reason why we have rallied these past couple days was not only due to the spread widening (between spot and COMEX gold), but also the fact that we are seeing additional measures being touted by central banks," said Saxo Bank analyst Ole Hansen.

"They're already talking about the next package in the US to be released after Easter. As long as we see these initiatives combined with the potential for a softer dollar, the upside potential for gold is still there."

US gold futures settled 0.6 per cent lower at $US1,683.70, but held a lead over London spot prices, signalling market concern that refinery closures and logistics constraints could hamper bullion shipments to the United States to meet contract requirements.

Gold stocks held in New York vaults registered with CME Group have jumped almost 50% since the end of last week as the exchange launched a new contract and a price premium since the outbreak encouraged traders to stockpile.

Palladium gained 1.9 per cent at $US2,195.30 an ounce, platinum rose 0.5 per cent to $US738.66 and silver inched up 0.2 per cent to $US15.

(USD$1=AUD$1.61)

Coronavirus: New slowdown in the number of new cases in Germany .
HEALTH-CORONAVIRUS-GERMANY-INFECTIONS: Coronavirus: New slowdown in the number of new cases in Germany © Reuters / ANNEGRET HILSE CORONAVIRUS: NEW SLOWDOWN IN THE NUMBER OF NEW CASES IN GERMANY BERLIN (Reuters) - Germany has recorded 2,082 new confirmed cases of coronavirus contamination in the past 24 hours, bringing the total number of cases of infection to 125,098, according to data published Tuesday by the federal institute Robert Koch .

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