Gold extends fall after worst week in five months
· Gold prices extended losses on Monday, after their worst week in five months, on lingering risk appetite, while the Sino-U.S. trade relationship hinted at potential improvement.
· Spot gold was down 0.5% at $1,934.91 per ounce by 0036 GMT. Gold fell 4.5% last week, its biggest weekly decline since March.
· U.S. gold futures eased 0.3% to $1,943.50 per ounce.
· A lift in U.S. bond yields gave the dollar some respite after weeks of losses. A stronger greenback makes gold cheaper for holders of other currencies.
· Asian markets were flat near recent highs; while stock index futures indicated that U.S. equities will make moderate gains on Monday ahead of retail earnings.
· Worldwide, there are over 21.58 million people infected by the coronavirus and 766,383? have died, according to a Reuters tally.
· Japan’s economy shrank for the third straight quarter, marking the biggest contraction on record, as the pandemic continues to take its toll.
· U.S. retail sales increased less than expected in July, and could slow even further in the coming months.
· Speculators reduced their bullish positions in COMEX gold and silver contracts in the week to Aug. 11, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
· In a possible sign of easing tensions after a protracted trade war, China increased U.S. oil purchases on Friday ahead of a trade deal review.
· SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, said its holdings fell 0.30% to 1,248.29 tonnes on Friday.
· Silver slipped 0.6% to $26.25 per ounce. Platinum rose 1% to $945.55, and palladium gained 1.6% to $2,143.09.
Reference: CNBC
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