Gold Takes Hit After Hit as Case for Havens Receives a Beating
Tuesday, 14 January 2020 13:56 WIB | PRECIOUS METALS |EMASGOLD

Gold sagged again as the soon-to-be signed Sino-American trade deal, release of decent monthly economic figures from China, and steady easing of tensions in the Middle East all combined to undermine the case for havens just as U.S. equities romped to records.

Bullion fell after the U.S. lifted its designation of China as a currency cheat, saying the nation has made œenforceable commitments not to devalue and has agreed to publish exchange-rate information. That sets the scene for Wednesday™s high-level trade pact signing.

The rapid reversal in investing sentiment in recent days means that gold prices that had burst above $1,600 an ounce last week as the U.S.-Iranian standoffreached a crescendo, are now back in the $1,530s. The shift has been reflected in an outflow of holdings from exchange-traded funds, which shrank more than 20 tons over the four sessions to Monday.

Spot gold declined as much as 0.8% to $1,536 an ounce, losing ground for the fourth time in the past five sessions, and traded at $1,537.98 at 5:56 a.m. in London. Silver slumped as much as 1.5%, while platinum and palladium also fell. The latter hit a record $2,148.81 an ounce last week.

The renewed risk-on tone of the financial markets and a stronger dollar are weighing on gold, Australia & New Zealand Banking Group Ltd. said in a note. After the recent rally, investors have booked profit amid the easing of geopolitical tensions between Iran and the U.S., it said.

Source : Bloomberg


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