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“Consumers sitting at home and not out spending money because they fear catching the coronavirus is the ultimate negative outcome,” he added. “It has been the U.S. consumer who has been driving the recovery bus during this long expansion.”
Dow losses reach nearly 9%, putting it on track for worst one-day decline since 1987 crash
Silver Prices Also Advanced Today – One positive case of coronavirus has been detected in New Delhi, and one has been detected in Telangana, the Indian government said in a statement. “Both the patients are stable and being closely monitored,” it added.
Jewellers Association Expected, Gold prices may touch Rs 48,500 by Gudi Padwa or Akshaya Tritiya as the spread of coronavirus affected global economy, Rupee depreciation and easing by central banks.
Spot gold fell 2.9% to close at $1,529.83 an ounce in New York, ending the week with a loss of 8.6%, the most since March 1983. On the Comex in New York, futures had their steepest weekly decline since 2011. In other markets, silver fell into a bear market, joining palladium and platinum as worries over economic fallout from the coronavirus pummel precious metals and other raw materials.
The gold technical forecast is clearly bullish from a medium-term perspective. Price action in the week ahead could determine if that forecast is at risk and it will be important to watch a couple of key technical barriers.
Gold Price Update – The market is forming a base near the $1548 level and the 200 SMA on the four-hour chart. The bulls would need a clear break above the $1,580—$1,585 resistance zone to re-establish the upward bias.
Gold prices is en route to test $1,800 and its rally are unnerving Dow Jones investors. The price of gold has spiked 7.5% within three weeks since late December and its strong rally is unnerving investors in the U.S. stock market.
Markets are now rushing to risk-safety but will also keep eyes on the US President Trump for further direction, Gold extends its northward trajectory to the levels last seen in April 2013.
Precious metals like gold have a relationship with volatility unlike other asset classes. While other asset classes like bonds and stocks don’t like increased volatility – signaling greater uncertainty around cash flows, dividends, coupon payments, etc. – precious metals tend to benefit during periods of higher volatility.