Gold prices fell 1 %, after rising earlier to a one-month high. The drop in prices was caused by signs of progress in containing the Coronavirus in some countries.
Spot gold lost 1 % to $ 1,644.51 per ounce, after rising earlier to $ 1,671.40, its highest level in a month.
Bart Melek, the head of Commodity Strategy at TD Securities, announced that there is more stabilization in the equity markets, as some authorities in the United States think that the number of the coronavirus cases will be high.
Melek explained that expectations of more stimulus with lower long-term interest rates would continue to support gold prices.
Global stock markets posted a second day of substantial gains on signs of progress in the battle against the Coronavirus in both Europe and the United States.
Coronavirus cases are growing across the world
The deadly virus has infected almost 1.5 million people across the globe. 309,145 cases have shown recovery, while the death toll reached 83, 401.
The Coronavirus has affected 209 countries.
The death toll in the US is more than 12,900 after the country recorded the most significant number of virus deaths in a single day.
A UK government official said that it’s too early to tell when the peak is going to be. Now the country is focusing on stopping the transmission of this disease while building capacity in the NHS. Even though it is difficult, the public needs to stick with it, said the official.
Gold prices had risen to 3.2 % in the previous session. Meanwhile, gold futures in the United States closed with a loss of 0.6 % at $ 1,683.70.
Palladium gained 1.9 % to $ 2,195.30, platinum gained 0.5 % to $ 738.66 an ounce, and silver rose 0.2% to $ 15 an ounce on the international market.
