Gold Price News and Forecast: XAU/USD bulls dominate beyond $1585 as coronavirus-led risk-off continues
|Gold: Bulls dominate beyond $1585 as coronavirus-led risk-off continues
Gold prices remain 0.33% positive to stay mildly above $1586 during early Tuesday. The yellow failed to extend the previous day’s declines as the market’s fear wider than a registered outbreak of China’s coronavirus. Concerns about the deadly epidemic have also been raised by the key global institutions off-late.
Joining the league of International Monetary Fund (IMF) and World Trade Organization (WTO), the Reserve Bank of Australia’s (RBA) minutes statement recently cited coronavirus risk as material to China and thus to Australia.
Commodities Weekly: Gold at two-week high on virus fears
GOLD prices are at the highest since February 3 despite recent news that a number of countries are planning extra fiscal stimulus measures to shore up their economies from the virus effect. The number of global CoVid-19 virus cases continues to rise, albeit at a slackening pace, and investors are trying to assess whether the fiscal response will be enough to keep the global growth engine alive.
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