{"id":1190324,"date":"2020-06-15T12:51:55","date_gmt":"2020-06-15T17:51:55","guid":{"rendered":"https:\/\/www.mining.com\/?p=1027085"},"modified":"2020-06-15T12:51:55","modified_gmt":"2020-06-15T17:51:55","slug":"gold-price-slumps-despite-fears-of-second-virus-wave","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1190324","title":{"rendered":"Gold price slumps despite fears of second virus wave"},"content":{"rendered":"

Gold prices treaded lower on Monday despite a surge in coronavirus cases in more than 20 US states coupled with a fresh outbreak in Beijing<\/a> over the weekend, which raised fears of a second pandemic wave.<\/p>\n

Spot gold fell 0.7% to $1,719.09\/oz by noon EST, but held above the $1,700\/oz mark throughout the morning session. Gold futures also declined 0.6% to $1,719\/oz on the Comex in New York.<\/p>\n

Meanwhile, the US dollar steadied against most other currencies and equities opened lower as investors weigh the likelihood of another wave of covid-19 pandemic emerging.<\/p>\n

“The greenback seems to be back in fashion amid fears of a second wave of coronavirus destabilizing global growth and stability,” FXTM analyst Lukman Otunuga told Reuters<\/a><\/em>.<\/p>\n

\n

“Gold remains in a very wide range with support at $1,670 and resistance at $1,747. A breakout above this \u2026 could inspire an incline towards $1,765.”<\/p>\n<\/blockquote>\n

“We are in a bit of a holding pattern waiting to see whether or not we do get a confirmed second wave, and if economies start to shut again, we could see gold go higher,” said<\/a> Michael Hewson, chief market analyst at CMC Markets UK.<\/p>\n

Over the past week<\/a>, bullion had its strongest performance since April 10, rallying by 2.6% against a backdrop of rising coronavirus cases. The precious metal also faces deflationary pressures in the short-term, according to Saxo Bank analyst Ole Hansen.<\/p>\n

\n

“Inflation is collapsing with the drop in consumer demand and the slow reopening of economies. So that’s removing the demand for gold.”<\/p>\n<\/blockquote>\n

Elsewhere, silver prices fell 0.9% to $17.33\/oz, while palladium and platinum rose 0.1% and 1.0% to $1,937\/oz and $821\/oz respectively.<\/p>\n

(With files from Reuters)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Spot gold fell 0.7%, while US gold futures declined 0.6%.<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[2849,949,369],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1190324"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1190324"}],"version-history":[{"count":2,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1190324\/revisions"}],"predecessor-version":[{"id":1190326,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1190324\/revisions\/1190326"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1190324"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1190324"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1190324"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}