Observing news today one can easily get disappointed. However, things are getting better.
Gold surges in Asia in cautious trade
On Tuesday, gold rose in Asia in cautious trade, with Chinese and Indian markets unavailable for holidays, thus putting the world's number one gold importers on the sidelines. Traders are cautious ahead of a gathering this week between China's President Xi Jinping and US President Donald Trump in Florida seen as high stakes on trade as well as geopolitical tensions in Asia.
In New York, April delivery gold futures soared 0.35%, trading at $1,258.45 a troy ounce. As for silver futures, they added 0.55%, showing $18.312 a troy ounce, copper futures rallied 0.12%, trading at $2.609 a pound.
Overnight, gold held firm, following the issue of mixed economic data while a softer greenback limited selling pressure on the number one precious metal.
Gold managed to revive from a sag earlier during the trading session, after March construction spending turned to be dismal, while economic activity in the manufacturing sector dropped less than expected.
XAU/USD reversed down from the $1,700 area and dropped to $1,586 on March 12.
Oil market crashed after OPEC+ didn’t agree on production cuts. What’s next? Let’s see what bank analysts have to say about this.
Moody’s downgraded the country to ‘junk’ status on Friday.
The US economy has been hit hard by the coronavirus outbreak.
The United States will publish ISM manufacturing PMI on April 1, at 17:00 MT time.