Gold Prices Slip After Big Weekly Gains
Monday,
30-Mar-2020
09:03 AM (IST)
Gold prices slipped on Monday in Asia after recording their biggest weekly gains since 2008. Gold futures were down by 0.1% at $1,652.50 by 9:34 PM ET (2:34 GMT), after almost reaching the $1,700 mark last week amid fears about the economic impact damage from the pandemic. The Asian stock markets, which usually move in directions opposite to gold, also fell today. The COVID-19 pandemic continues to show no signs of abating as the World Health Organization said that there are now 638,146 global COVID-19 cases as of March 29. In other news, gold market participants also kept a close eye on physical supply as virus-led lockdowns stalled supply chains. South Africa’s Rand Refinery, the sole gold refiner in Africa, said on Friday that it had stopped shipments of bullion to London because of the lack of commercial flights.
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