Reportedly gold prices fell on monday as investors liquidated their positions in the safe-haven metal despite stimulus measures from global central banks to combat economic damage from the coronavirus outbreak. Spot gold fell 0.7 per cent to $1,487.83 per ounce by 0101 GMT. The metal rose as much as 3.1 per cent on friday as a wave of fiscal and monetary stimulus from central banks across the globe halted a run for cash.
US gold futures rose 1 per cent to $1,499.50 per ounce. Asian markets were set for another turbulent week as more countries all but shut down in the fight against the virus, threatening to overwhelm policymakers’ frantic efforts to cushion what is clear to be a deep global recession. The US Federal Reserve continued to roll out emergency support on friday as it enhanced efforts with other major central banks to ease a global dollar-funding crunch.
Nearly one in three Americans were under orders on sunday to stay home to slow the spread of the pandemic as Ohio, Louisiana and Delaware became the latest states to enact broad restrictions, along with the city of Philadelphia. airlines cancelled more flights as australia and new zealand advised against non-essential domestic travel, the United Arab Emirates (UAE) halted flights for two weeks and singapore and taiwan banned foreign transit passengers.
