Gold prices fell sharply on Tuesday as the dollar continued to strengthen amid renewed concerns over the impact of coronavirus outbreak on the global economy.
Spot gold fell over 1 percent to $1,678.40 per ounce, while U.S. gold futures were down 1.3 percent at $1,688.55.
Risk sentiment was hit after the World Health Organization chief warned that “the worst is yet ahead of us” in the coronavirus outbreak and that “it’s a virus that many people still don’t understand.”
A historic plunge in oil prices overnight, dismal first-quarter earnings reports and U.S. President Donald Trump’s comments that he would sign an executive order to temporarily suspend immigration into the United States also weighed on investors’ appetite for riskier assets.
On the positive side, media reports suggest that the U.S. Congress is nearing a $450 billion deal to help small businesses and hospitals hurt by the coronavirus pandemic.
The material has been provided by InstaForex Company – www.instaforex.com
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