Gold held its ground as the disruption to the global economy from the coronavirus pandemic intensified, with the US announcing that it’ll suspend travel from Europe to battle the outbreak, and investors shunning risk assets from equities to industrial commodities. Palladium tanked.
Bullion steadied after an early advance, with US equity futures sharply lower as President Donald Trump’s address appeared to give little confidence. Credit market stress ticked higher. On Wednesday, gold fell as some investors were likely prompted to sell the metal to cover margin calls with the Dow Jones Industrial Average collapsing into a bear market, ending a historic bull run.