The gold futures lost 3.17% on Thursday, as it fell below $1,600 level and reached the daily low of $1,560.40. Yellow metal fell the lowest since early February following financial markets liquidity squeeze. Earlier in the week, the market bounced off Monday's new medium-term high of $1,704.30. Two weeks ago the gold price collapsed to the low of $1,564 despite an ongoing coronavirus scare. However, the gold price retraced all of the decline last week, as virus fears reappeared. Yesterday it has retraced the advance again.
Gold is 1.3% higher this morning, as it gets closer to $1,600 level again. What about the other precious metals? Silver lost 4.60% on Thursday and today it is unchanged. Platinum lost 9.95% yesterday and this morning it gains 4.2%. Palladium lost a stunning 14.10% yesterday and today it is trading just 0.7% higher.
The financial markets continue reacting to news about coronavirus. But today the risk-on assets are on the run, as traders await more stimulus news. Last week's scheduled economic data releases haven't moved markets by much. Today we will wait for the Preliminary Michigan Consumer Sentiment number release at 10:00 a.m.
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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' employees and associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.
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