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Gold Down With Even Safe-Have Not Safe From Growing Second Wave Fears

By Administrator_India

Capital Sands

 

Gold was down in Asia on Monday morning, giving up some of its earlier gains, amid increasing investor fears of a second wave of COVID-19 cases over the weekend.

Beijing reported a surge of 57 new cases on June 13 after weeks of single-digit numbers, after an outbreak in the Xinfadi market.

Tokyo also reported its highest number of cases since May, with 27 of the 47 reported cases traced back to recently re-opened nightclubs and bars.

Record numbers of cases and hospitalizations were also seen in some recently re-opened U.S. states, including Florida and Texas.

Gold futures were down by 0.15% at $1,734.65. Stocks, which usually move in the opposite direction to gold, were mostly down on Monday.

Investor sentiment was further dampened by disappointing data from China. Industrial and retail sales data for May missed investor forecasts, with industrial production increasing 4.4% year-on-year and retail sales declining 2.8% year-on-year and disappointed expectations of recovery signs in the country.

Meanwhile, the U.S. Federal Reserve is widely expected to uphold its pessimistic view of the U.S. market when Chair Jerome Powell delivers his policy report to Congress later in the week.

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