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Gold Sags as Investors Choose Risk Again After Virus-Driven Jump
Tuesday, 25 February 2020 15:42 WIB | PRECIOUS METALS |EMASGOLD

Gold took a step back from its blistering rally driven by the coronavirus crisis even as more companies issued cautions about the outlook, bets accumulated on the prospects for U.S. interest rate cuts over 2020, and further signs of the disease™s spread emerged.

Bullion eased from the highest since 2013 as some appetite for risk crept back, with U.S. futures climbing after Monday™s slump in stocks. While the head of the World Health Organization called new cases œdeeply concerning, he said the outbreak isn™t yet a pandemic. Still, U.S., Japanese and Hong Kong agencies issued warnings about traveling to South Korea, where nine people have died.

Spot gold fell as much as 1.6% to $1,633.13 an ounce, and traded at $1,636.64 at 6:35 a.m. in London. On Monday, it hit $1,689.31, the highest since January 2013. The metal™s 14-day relative strength index had been above 70 for four days, a signal to some traders that it™s overbought and due for a pullback.

Source : Bloomberg

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