Tue, June 25, 2024

Nothing can stop Gold from rising, even Coronavirus

Gold

The world is going crazy and emerging into chaos. But maybe it was like that all the time, and we’ve just noticed?  Nevertheless, Gold is holding proud and has managed to slip for two days in a row despite a total meltdown in global stocks. Gold Futures for April delivery slipped 0.1% to USD1,650.70 by 12:42 AM ET (04:40 GMT). Thanks to this yellow metal traders were able to gain profit as the yellow metal traded a seven-year high.   However, analysts do not have the same positive outlook on the existing situation. For example, Ed Moya, OANDA’s market specialist, says that Gold will probably be affected by pandemic fears, central bank and government stimulus, trade angst, and political uncertainty.

However, commodities are trembling, as they are witnessing another risk-off day as coronavirus concerns boil up. Nevertheless, even though the oil market remains concerned about demand while the new anxiety over the virus pushes Gold to new highs. The coronavirus outbreak has weighed on economic growth. But Gold soared as high as USD1,612.11 per ounce on Wednesday.  Traders migrated from virus-exposed assets to traditional safe havens.

The main reason why traders have rushed towards Gold is the fact that now Gold serves as a safe-haven for investors that try to avoid volatility in risk assets like stocks and bonds.

Other Metals

Other precious metals also gained Wednesday as coronavirus fears intensified. Another royalty of the precious metals is Silver. The metal gained as much as 1.2%, while platinum jumped as high as it could, reaching 2.3% in early trading.  Another metal champion – Palladium extended its multiday winning streak into Wednesday, soaring 6% to bring year-to-date gains to 38%. However, meanwhile, other stocks in the United States, unfortunately, lost about 3% each overnight. They were tumbling after California’s governor Gavin Newsom said the state is monitoring 8,400 people for signs of exposure.

 

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