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Gold in “Wait and See Mode” as Traders Await More News

Investing.com
·1-min read

By Gina Lee

Investing.com - Gold prices were little changed on Monday morning as traders remained cautious amid the continuous economic turmoil.

Gold Futures was up by 0.04% at $1,646.3 by 9:26 PM ET (2:26 AM GMT).

Three Swiss refineries in Ticino, Europe’s biggest gold refiner, announced yesterday that they received permission to run their factories on a limited basis.

The announcement will ease the supply tightness caused by the COVID-19-induced lockdowns and transport halts.

Meanwhile, the U.S. Bureau of Labor Statistics announced a 701,000 reduction in non-farm payrolls, compared to analyst predictions of a 100,000-loss compiled by Investing.com.

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“Gold continues to be in wait-and-see mode on how bad the global economy will get and how long will the depression-like conditions last,” Edward Moya, senior market analyst at broker OANDA, told CNBC.

“Most traders would expect gold to be higher” after the payrolls data, but “Gold’s problem is that supply tightness is easing, and the dollar continues to grind higher. Ultimately gold will shine from all the fiscal and monetary stimulus being pumped into markets globally,” he added.

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