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Gold extends losses from Monday's meltdown on flight for cash

Tue Mar 17 2020

 

 

Gold prices inched lower on Tuesday, following a meltdown in precious metals last session, as investors continued to sell assets across markets to keep their money in cash amid heightened panic over the coronavirus pandemic.

FUNDAMENTALS

 

* Spot gold slipped 0.2% to $1,511.30 per ounce by 0039 GMT, having slumped as much as 5.1% on Monday to its lowest since November.

 

* U.S. gold futures rose 1.7% to $1,511.50.

 

* Most Asian shares fell after Wall Street's historic market rout, with fleeting initial gains evaporating as the coronavirus remained a major risk to economic growth.

 

* International Monetary Fund Managing Director Kristalina Georgieva on Monday said 20 additional countries had asked about receiving aid as the outbreak halts economic activity, and she called for strong, coordinated fiscal stimulus to limit the damage.

 

* Japanese business confidence plunged to decade lows in March as the spreading epidemic stoked fears of a global recession and sent stock markets tumbling, the Reuters Tankan survey showed.

 

* Britain's economy looks on track to grow by the smallest amount since the financial crisis this year as the outbreak threatens to drag major economies into recession, the British Chambers of Commerce said.

 

* Euro zone finance ministers pledged on Monday an ”unlimited” commitment to fight the economic fallout of the pandemic, saying they would do whatever it takes and more to restore confidence and a rapid recovery.

 

* U.S. Treasury Secretary Steven Mnuchin on Monday said he was seeking a “big number” for an additional stimulus package intended to prop up the economy amid the virus, but he did not elaborate.

 

* U.S. President Donald Trump urged Americans to halt most social activities for 15 days and not congregate in groups larger than 10 people in a newly aggressive effort to reduce the spread of the virus in the United States.

 

* Palladium rose 2.5% to $1,657.03 per ounce, having plummeted as much as 18% in the previous session.

 

* Platinum rose 3% to $638 per ounce, after posting its biggest one-day percentage decline ever on Monday.

 

* Silver gained 2.2% to $13.18 per ounce, having touched its lowest since 2009 on Monday.

 

Source: Reuters