COMMODITIES: Gold Trading Lower as Stocks, Dollar, Rise (Ironic how Gold now at US$1699 to 1700 is now considered as 'low') Analysts will use any excuse in they can to try and make sense out of chaos and unchartered behavior...
COMMODITIES: Gold Trading Lower as Stocks, Dollar, Rise
09:11 AM EDT, 05/05/2020 (MT Newswires) -- Gold prices fell early on Tuesday as investors looked to add risk, pushing stocks higher and cutting their interest in the metal as a safe haven.
Gold for June delivery was last seen down US$10.10 to US$1,703.20 per ounce in Comex electronic trade.
Stock markets in Asia and Europe were mostly higher on Tuesday, with futures pointing to a higher open on U.S. markets, steering money to risky assets and away from gold.
Equities have rebounded from last month's lows as more countries ease pandemic quarantine measures, convincing investors that demand for goods and services is beginning to recover.
As well, the U.S dollar rose, making the metal more expensive for international buyers. The ICE dollar index was last seen up 0.32 points to 99.81.