Gold edged lower after its best week since 2008 amid investor caution on policies aimed at mitigating the impact of the coronavirus pandemic.
Bullion’s muted trading comes after the gold market was thrown into turmoil last week as the health crisis disrupted supply chains, creating a squeeze in futures as sellers’ capacity to meet commitments to deliver the metal was curtailed.
While the squeeze showed signs of easing before the weekend, the physical market remains tight, with key Swiss refineries remaining shut for at least another week.