Gold snaps two-day recovery, stays above $1,600, as trade sentiment sours
With the fresh challenges to risk-tone weighing on commodities, Gold snaps the previous two-day winning streak while declining to $1,610, down 0.07%, amid early Friday. The recent challenges to the yellow metal are likely from the coronavirus (COVID-19) front. It’s worth mentioning that the bullion earlier seemed to be benefited from the market’s risk-on due to US President Trump’s tweet suggesting an oil production cut pact between Saudi Arabia and Russia.
Gold Price Analysis: More upside for the precious metal as it consolidates its position above USD 1600
Today there has been some volatility in risk assets such as the indices after the US weekly initial jobless claims data reached another record level (6,648K). This led to a sharp fall in the indices as the S&P 500 dropped around 2.47% in a 50 min period following the news. Since then the indices have recovered and pushed into positive territory but gold still managed to hold on to its gains.
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