Gold closes with strong dollar amidst uncertainties of epidemic

Gold closes with strong dollar amidst uncertainties of epidemic

The more liquid gold futures contract closed on Tuesday, April 22, under pressure from the dollar to strengthen amid signs of a slowdown in the global economy in view of the recent wave of coronovirus cases.

At Comex, the metal division of the New York Mercantile Exchange, gold for February delivery was down 0.66% to close at $ 1,870.30 per troy ounce.

While the news is still buzzing that the UK has identified a new strain of coronavirus, investors monitor the path of economic activity, the recovery of which threatens the negative growth of the epidemic.

According to the Conference Board, the Consumer Confidence Index in the United States fell from 92.9 in November to 88.6 in December. The result contradicted the forecast of analysts consulted by The Wall Street Journal, who had a high estimate of 97.5.

The weakness of the largest economy on the planet boosted demand for the dollar, which gained more momentum today and recovered part of the recent deficit. With a strong US currency, commodities become more expensive and therefore less attractive. “Now that Congress has budgeted $ 2.3 trillion and a fiscal relief package, Gold will have to wait next year for a new catalyst,” explains Onda analyst Edward Moya.

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About the author: Sarah Gracie

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