Gold Retreats, But Losses Capped Amid Increasing COVID-19 Cases and U.S. China Relations…LIVE NEWS UPDATE BY ROYAL TRADERS


Gold was marginally down on Wednesday in Asia, reversing its earlier losses. But the yellow metal’s losses were capped by mounting COVID-19 fears on top of worsening U.S. China relations.

Gold futures were down by 0.11% to $1,811.35, by 11:44 PM ET (4:44 AM GMT), continuing to stay above the $1,800 mark.

The COVID-19 situation continues to worsen globally. California Governor Gavin Newsom ordered the re-imposition of social-distancing measures across the largest U.S. state on Monday.

In Asia, Tokyo announced that it will raise the COVID-19 warning to the highest level on Wednesday. Hong Kong’s strictest social distancing measures came into effect on Wednesday, with the closure of gyms and beaches across the city and fines for those without face masks on public transport.

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