Protests against coronavirus in China push gold prices down

price of gold In spot transactions, it was up 0.4% to $1748.84 an ounce at 0555 GMT. U.S. gold futures fell 0.3% to $1,749.60.

The dollar index rose 0.4%, making US-denominated bullion more expensive for holders of other currencies.

Ip Rong, market analyst at IG, said: "Gold prices follow the movements American Dollar Up close it appears that rising uncertainty due to the growing turmoil in China has buoyed the greenback this morning".

Clashes between hundreds of protesters and police in Shanghai on Sunday evening, after protests against China’s strict restrictions to fight the coronavirus erupted for the third day, and protests spread to several cities following a fire that it resulted in deaths in the far west of the country.

At the same time recorded China Monday is the fifth consecutive record number of daily infections with the Corona virus.

Yes, he said people might turn to lower-risk assets given the Covid situation in China, but the dollar’s gains are currently overshadowing that. gold as a safe haven.

In other precious metals, silver fell 2.2% to $21.12 an ounce, platinum fell 0.5% to $975.88 and palladium fell 0.2%. % to $1848.38.

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fallen off price of gold In spot transactions, it was up 0.4% to $1748.84 an ounce at 0555 GMT. U.S. gold futures fell 0.3% to $1,749.60.

The dollar index rose 0.4%, making US-denominated bullion more expensive for holders of other currencies.

“Gold prices go along,” said Ip Rong, market analyst at IG American Dollar Up close, growing uncertainty due to the growing turmoil in China appears to have buoyed the dollar this morning.”

Clashes between hundreds of protesters and police in Shanghai on Sunday evening, after protests against China’s strict restrictions to fight the coronavirus erupted for the third day, and protests spread to several cities following a fire that it resulted in deaths in the far west of the country.

At the same time recorded China Monday is the fifth consecutive record number of daily infections with the Corona virus.

Yes, he said people might turn to lower-risk assets given the Covid situation in China, but the dollar’s gains are currently overshadowing that. gold as a safe haven.

In other precious metals, silver fell 2.2% to $21.12 an ounce, platinum fell 0.5% to $975.88 and palladium fell 0.2%. % to $1848.38.

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