Gold can show a record for 4-year quarterly growth amid fears about the virus
(Reuters) – Gold fell slightly on Tuesday, but continues to hold near peak in almost eight years and can show the most significant quarterly growth in more than four years, as a sharp rise in the number of cases of coronavirus has increased the demand for safe-haven assets.
The spot price of gold fell 0.19% to $1.768,19 per Troy ounce by 15:11 GMT.
Since the beginning of the quarter, the gold price rose more than 12%.
The increase in the number of cases of coronavirus in the United States and the ongoing Sino-American confrontation “really indicate towards purchases of gold as a safe asset,” said Afshin nabawi, senior Vice President of trader MKS SA.
But most traders prefer to stand aside at the end of the month and the quarter, and on the technical front break above $1.775-80 could trigger a rally to $1.800, he added.
At the same time, demand for physical gold market, especially in China, the largest consumer, remains weak, said Commerzbank (DE:CBKG).
Net gold imports into China via Hong Kong in may fell below exports for the second straight month, as domestic supply remained excessive against the backdrop of gloomy forecasts of demand, data showed on Monday.
A stable dollar also pressured gold.
Palladium fell 0.39% to $1.896,2 ounce, silver was down 0.17% to $17,83 per ounce. The price of platinum fell by 0.04% to $805,27.
(Nikula Iyer in Bangalore; translated by Elizaveta Zhuravleva. Editor Marina Bobrova)