Gold prices fell on Thursday as strong US economic data boosted risk appetite and the dollar, while investors kept a cautious eye on the virus outbreak as the death toll jumped past 500.[BENGALURU] Gold prices fell on Thursday as strong US economic data boosted risk appetite and the dollar, while investors kept a cautious eye on the virus outbreak as the death toll jumped past 500.
Spot gold was down 0.2 per cent to US$1,553.12 per ounce by 0425 GMT. Prices have been falling this week on China's stimulus measures, having hit a more than two-week low of US$1,546.90 on Wednesday. US gold futures fell 0.4 per cent to US$1,556.80. "There's a big lift in risk appetite, a lot of markets are seeing optimism around the measures put in place by China's authorities to deal with the outbreak to support their economy," said Michael McCarthy, chief market strategist at CMC Markets.
Positive data from the United States such as a rise in January private payrolls and services sector activity were also weighing on gold, he added. Asian stocks gained after US stocks hit a record peak on encouraging US data, while the US dollar held close to a two-month high hit in the previous session, making gold expensive for holders of other currencies.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »