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Important Message For Customers:

The Ontario Government has legislated that all non-essential businesses MUST BE closed BY 12:01 am on March 25. The health and safety of our employees, clients and our community is our top priority. To do our part in slowing the spread of COVID-19 we will temporarily close our administrative offices until further notice.

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PRECIOUS-Gold slides nearly 1% as dollar gains, risk sentiment improves

PRECIOUS-Gold slides nearly 1% as dollar gains, risk sentiment improves
By Thomson Reuters 2 months ago 772 Views No comments

(Updates prices)

* Dollar rebounds from two-week low

* China coronavirus death toll rises

* Gold specs cut bullish positions in week to Jan. 28 -CFTC

By Brijesh Patel

Feb 3 (Reuters) - Gold fell nearly 1% on Monday as the dollar firmed and investors opted for riskier assets after China took steps to relieve pressure on its economy from the impact of the coronavirus outbreak.

Spot gold was down 0.8% at $1,576.76 per ounce by 12:16 p.m EST (1716 GMT) after touching its highest since Jan. 8 earlier in the session.

U.S. gold futures fell 0.4% to $1,582.10 per ounce.

"China have been taking very strong measures to make sure this thing (coronavirus) is contained, that's kind of helping market sentiment," said Bart Melek, head of commodity strategies at TD Securities.

"We have a bit of jump in the U.S. dollar and the biggest thing is that we're seeing a rebound in stocks, getting people to perhaps take some profits and reposition modestly."

China's central bank unexpectedly lowered interest rates and injected 1.2 trillion yuan ($171 billion) into money markets as it attempted to limit the damage from travel curbs and business shutdowns on the economy.

China's move cheered some investors as U.S. stocks rose on Monday after the three main indexes suffered their worst week in at least four months.

The dollar gained 0.4% against its rivals, making gold expensive for holders of other currencies.

"Once we get through this 'band-aid effect,' the reality will set in that there is an economic tumult about to happen in China, which is going to spread globally and force a lot of central banks to cut rates," said Stephen Innes, chief market strategist at AxiCorp.

Gold tends to appreciate on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion.

Gold, often used as a safe store of value during times of political and financial uncertainty, registered its best week in a month in the week to Jan. 31, as economic growth worries due to the epidemic boosted appetite for safe havens.

"Gold's rally seems to be in pause mode as markets will likely see central banks globally be proactive to thwart any slump coronavirus concerns will trigger," Edward Moya, a senior market analyst at broker OANDA, said in a note.

Speculators cut their bullish positions in COMEX gold contracts in the week to Jan. 28, data showed on Friday.

Elsewhere, silver fell 2.2% to $17.64 per ounce. Palladium gained 1.3% to $2,308.46 and platinum rose 1% to $966.14. ($1 = 7.0155 Chinese yuan renminbi) (Reporting by Brijesh Patel in Bengaluru; editing by Jonathan Oatis and Chris Reese)

About Sprott Money

Specializing in the sale of bullion, bullion storage and precious metals registered investments, there’s a reason Sprott Money is called “The Most Trusted Name in Precious Metals”.

Since 2008, our customers have trusted us to provide guidance, education, and superior customer service as we help build their holdings in precious metals—no matter the size of the portfolio. Chairman, Eric Sprott, and President, Larisa Sprott, are proud to head up one of the most well-known and reputable precious metal firms in North America. Learn more about Sprott Money.

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