• 824 days Will The ECB Continue To Hike Rates?
  • 825 days Forbes: Aramco Remains Largest Company In The Middle East
  • 826 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,226 days Could Crypto Overtake Traditional Investment?
  • 1,231 days Americans Still Quitting Jobs At Record Pace
  • 1,233 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,236 days Is The Dollar Too Strong?
  • 1,236 days Big Tech Disappoints Investors on Earnings Calls
  • 1,237 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,239 days China Is Quietly Trying To Distance Itself From Russia
  • 1,239 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,243 days Crypto Investors Won Big In 2021
  • 1,243 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,244 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,246 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,247 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,250 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,251 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,251 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,253 days Are NFTs About To Take Over Gaming?
3 Profitable Market Sectors Amid The Ukraine Crisis

3 Profitable Market Sectors Amid The Ukraine Crisis

As Sir Winston Churchill once…

Defensive Stocks Are Your Best Bet Against Inflation

Defensive Stocks Are Your Best Bet Against Inflation

Stretched asset valuations, ultra-high inflation,…

  1. Home
  2. Investing
  3. Stocks

Gold Prices Fall As Stock Market Sentiment Turns Positive

Stock Market Sentiment

Gold fell for the third time over the last four sessions on Tuesday as economies worldwide further eased lockdown restrictions, strengthening the short-term economic outlook and boosting investor confidence in riskier assets.

Spot gold declined 1.1% to a near two-week low of $1,708.28 an ounce by 3:30 pm EST. Gold futures were down 1.8% to $1,703.40 on the Comex in New York.

Meanwhile, US stocks surged to a 9-week high on heightened investor optimism about business restarts, with the S&P 500 back above 3,000 for the first time since March.

“There is a risk-on tone in the market, driving the reversal of (gold’s) safe-haven flows,” Daniel Ghali, commodity strategist at TD Securities, told Reuters.

“A breakdown below $1,700 could crack open the doors towards $1,680 (for gold),” said FXTM analyst Lukman Otunuga. “Nevertheless, the downside is likely to be cushioned by trade woes, disappointing economic data and growth fears.”

Ghali believes “investment demand will continue to strengthen as the US Federal Reserve’s stimulus will remain in place for quite a substantive amount of time.”

The price of gold, which normally serves as a safe store of value during times of political and financial uncertainty, recently rose to a new seven-year high before fears of a prolonged recession were eased.

By Mining.com 

More Top Reads From Safehaven.com:

Back to homepage

Leave a comment

Leave a comment