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Gold falls in hope of a spike in the global recovery from COVID-19

© Reuters.

From Gina Lee

Investing.com – Gold fell in Asia on Wednesday morning, pulling back from the two-week high it hit in the previous session as positive data supported hopes of a quick economic recovery from COVID-19.

By 12:08 p.m. ET (4:08 p.m. GMT) down 0.20% to $ 1,739.45. As US Treasury yields fell, investors turned away from the yellow metal of safe haven as yields fell to two-week lows.

In the US, Tuesday’s report said February hit a two-year high of 7.367 million, adding that the hiring also saw its biggest gain in nine months. Meanwhile, China’s March was 54.3. Investors are now waiting for more Chinese data, including the and indices due on Friday.

The IMF also forecast that global growth could reach 6% in 2021 at the opening of its Spring 2021 meetings, co-hosted with the World Bank on April 5. Thanks to unprecedented public spending, this is the strongest expansion in at least four decades, particularly by the US, to fight COVID-19. The meetings are supposed to continue practically until April 11th.

On the COVID-19 frontline, U.S. President Joe Biden has raised the target of COVID-19 vaccine approval for all American adults to April 19, further expanding the introduction of the vaccine.

SPDR Gold Trust (P :), the world’s largest exchange-traded gold fund, announced that its holdings fell 0.4% on Tuesday from 1,032.83 tons on Monday to 1,029.04 tons.

For other precious metals, silver declined 0.3% and palladium 0.4%, while platinum rose 0.6%.

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