Gold Prices Mixed On Strong Dollar
Gold prices were trading mixed on Thursday as the dollar nudged higher against a basket or currencies amid growing fears of a second coronavirus wave.
Spot gold edged up 0.1 percent to $1,762.29 per ounce, after having soared to its highest level since October 2012 of $1,779.06 on Wednesday. U.S. gold futures were down 0.3 percent at $1,770.55.
The U.S. broke its record for the highest coronavirus cases recorded in a single day, with 36,358 new positives reported on Wednesday, according to a tally by NBC News.
With some southern and western states reporting record number of coronavirus cases, New York, New Jersey and Connecticut have asked visitors from nine states with high infection rates to quarantine for 14 days.
“There is a massive outbreak of Covid-19 across the state of Texas,” Governor Greg Abbott said in a television interview.
Australia recorded the biggest daily rise in cases in two months, raising concerns about a second wave of infections.
Asian stocks followed Wall Street lower today as sentiment was dented by the IMF’s slashing of its forecasts for global growth and a possible resurfacing of trade tensions between the United States and Europe.
European markets recovered from an early slide to trade modestly higher after a survey showed consumer confidence in Germany has improved more than expected.
The forward-looking consumer sentiment index rose to -9.6 in July from revised -18.6 in June reflecting the rapid reopening of the economy after coronavirus-related lockdown and economic stimulus package, according to survey results published by market research group GfK.
The score was forecast to rise moderately to -12 from June’s initially estimated -18.9.
Investors await U.S. reports on weekly jobless claims and durable goods orders later in the day for further direction.
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