The gold futures contract gained 1.69% on Monday, as it further accelerated its uptrend following breaking above $1,600 mark. The price of gold is the highest since early 2013. Investors keep buying the safe-haven asset amid corona virus outbreak, economic slowdown fears. Today gold is retracing some of that rally following bouncing off $1,700 mark.
Gold is retracing some of its recent rally this morning, as it is declining by 0.5%. What about the other precious metals? Silver gained 1.87% on Monday, as it got back to the early January local high. It was just below $19. This morning it is 1.3% lower. Platinum lost 0.19% on Monday, and it is 0.7% lower right now. The metal bounced back off $1,000 mark again. Palladium accelerated the uptrend recently and on Thursday and Friday it went sideways. Yesterday it lost 3.23%. Palladium price is 1.1% higher today.
The financial markets went risk-off since Friday, as corona virus fears came back again. Investors will now wait for today's CB Consumer Confidence number release. But will the economic data be more important than the mentioned virus scare in the coming days? There will be series of news releases this week. Take a look at our Monday's Market News Report to find out more!
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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' employees and associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.
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