Warning: file_exists(): File name is longer than the maximum allowed path length on this platform (260): C:\zpanel\hostdata\zadmin\public_html\forexbr_com_br/wp-content/cache/supercache/www.forexbr.com.br/2020/03/09/metals-stocks-gold-slips-lower-as-stocks-try-for-rebound-from-worst-day-since-2008-financial-crisis/meta-wp-cache-ebb3ca4eee52972851bdf6ff07117a61.php in C:\zpanel\hostdata\zadmin\public_html\forexbr_com_br\wp-content\plugins\wp-super-cache\wp-cache-phase2.php on line 71 Metals Stocks: Gold slips lower as stocks try for rebound from worst day since 2008 financial crisis – Forex Brasil

Metals Stocks: Gold slips lower as stocks try for rebound from worst day since 2008 financial crisis

Analysts at FXTM in an emailed note said that gold may yet test a seven-year high around $1,700.

“Gold is now testing the $1700 psychological level, the Japanese Yen is at its strongest against the Dollar since 2016,” wrote FXTM on Tuesday, referring to gains in the yen US:USDJPY, a currency that is considered a haven during times of uncertainty.

The 10-year U.S. Treasury note yield BX:TMUBMUSD10Y was rebounding from its Monday nadir, rising 20.4 basis points to 0.702% from 0.50% the previous session. However, the benchmark debt yield was still firmly below 1% which has been a major support of for bullion price gains, as well as weakness in the U.S. dollar.

Gold for April delivery US:GCJ20 on Comex was down $11.80, or 0.7%, at $1,663.90 an ounce, after posting a slight 0.2% gain on Monday, according to FactSet data.

May silver US:SIK20, picked up a penny, or less than 0.1%, at $17,060 an ounce, after falling 1.2% a day ago.

The rebound in risk asset prices early Tuesday is being attributed to expectation of additional fiscal stimulus from the U.S. government a day after U.S. equities saw their largest daily decline since the 2008 financial crisis. President Donald Trump floated the idea of payroll tax cut and a number of other measures intended to help limit the damage from the coronavirus on supply chains and local economies as a number of countries and regions have instituted lockdowns to contain or mitigate the viral outbreak.

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