06/02/2020
Reuters
Gold prices fell on Thursday as strong US economic data boosted risk appetite and the dollar, while investors watched carefully as the Coruna virus spread with a death rate of over 500.
And gold fell in the spot transactions 0.2 percent to 1553.12 dollars an ounce (ounce) by 04:25 GMT. Prices have fallen this week due to Chinese stimulus measures, after hitting its lowest level in more than two weeks at 1546.90 dollars yesterday. US gold futures fell 0.4 percent to $ 1556.80.
"There is a surge in risk appetite," said Michael McCarthy, senior market analyst at CMC Markets. "Many markets are optimistic about the measures the Chinese authorities have taken to deal with the outbreak to support their economy."
He added that positive data from the United States, such as a rise in January in the wages of private-sector workers and service sector activities also put pressure on gold.
Asian stocks gained after US stocks reached a record high thanks to encouraging data from the United States, while the dollar index settled near the highest level in two months, which reached in the previous session, which increases the cost of gold over the holders of other currencies.
For other precious metals, palladium advanced 0.5 percent to $ 2443.70 an ounce, and silver increased 0.3 percent to $ 17.65. Platinum settled at $ 982.12 after touching the highest level in a week at $ 987.60 earlier in the session.
