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Gold reports its biggest daily tumble for 6 months
Information is not investment advice
On Thursday, gold faced its most impressive daily dive for six months right after it had been reported that China and America were demonstrating huge progress in resolving their long lasting trade conflict.
On the Comex exchange, April delivery gold futures dived by 1.5% being worth $1,327.80 per ounce, thus compensating a five-day ascend. rally. It appeared to be the first dive in Comex gold since Valentine's Day as well as the steepest percentage daily decline since August 13, when it dipped by 1.7%.
Besides this, spot gold went down by 1% trading at $1,324.51 a ounce.
Market participants have been utilizing the yellow metal as a hedge toward economic as well as political issues. Progress in the US-China trade talks, celebrated in stock as well as other risk markets put pressure on gold. Meanwhile, the evergreen buck managed to rally by 0.2% ending up with 96.498 versus six key peers.
American equities dived because the Commerce Department told that core durable goods orders inched up less than anticipated in December. However, losses in stocks were muted by upbeat sentiment in the market.
Some market experts cautioned against excessive optimism being placed on the negotiations because the talks had to do with tough issues, including America’s demands for Chin’a reparation over such crucial matters as intellectual property rights, forced technology transfer as well as cyber theft, non-tariff barriers, currency services, and agriculture.
As a matter of fact, palladium futures dived by 1% being worth 1,473.85 per ounce. By the way, on Wednesday, spot palladium hit a record maximum of of $1,506.65.
As for silver futures, they lost by 2.4% showing $15.78 per ounce.
Besides this, platinum futures decreased by 1% showing $826.30 per ounce.
Three main drivers of the market: the stimulus package, the US presidential election and the coronavirus. Let's look how market reacts.
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