Gold Price Suffers due to Global Equities Rally
APMEX
5/29/2020 12:17:20 AM
Gold finished lower on Tuesday as global equities rallied in response to businesses easing lockdowns as the COVID-19 pandemic dwindles in certain areas. Promising reports of progress toward a COVID-19 vaccine also dulled the yellow Precious Metal’s haven appeal.
On Wednesday, Gold dropped below the psychologically important $1,700 an ounce mark. An ongoing stock-market rally in response to reducing COVID-19 lockdowns deprived the metal of its haven appeal. Global equities continued to rally on Wednesday, with stock-index futures pointing to another round of substantial gains for U.S. equities.
Gold prices finished marginally higher Thursday, as tensions between China and the U.S. remained in focus, propelling haven buying on Wall Street.
On Friday, Gold moved higher for a second session. This move puts Gold prices on track for a modest weekly gain amid focus on U.S.-China friction and global economic stimulus measures.
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies
