equities, coronavirus, global economy in focus

Michelle K. Wallace

A one kilo Swiss gold bar and US dollars gold coins are pictured in Paris on February 20, 2020.

JOEL SAGET| AFP via Getty Images

Gold traded little changed on Tuesday as gains in equities on optimism over a reopening global economy offset support from a softer dollar and lingering tensions over Hong Kong and Venezuela.

Spot gold was flat at $1,729.83 per ounce by 1253 GMT. U.S. gold futures were down 0.2% to $1,732.10.

Japan’s Nikkei rose 1% to its highest since early March, while MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.1% in early trade.

The German economy is starting to recover as curbs to slow the coronavirus are lifted, a business morale survey showed,  boosting European sentiment.

Singapore cut its 2020 GDP outlook for the third time as it braces for the deepest recession in its history.

The dollar index was down 0.2%, making gold slightly cheaper for holders of other currencies.

China’s foreign ministry office in Hong Kong and the city’s security chief defended proposed security laws by  describing some acts in mass pro-democracy protests last year as terrorism.

A second Iranian vessel carrying fuel had entered Venezuelan waters, Refinitiv Eikon data showed — despite a U.S. official’s warning that Washington was considering a response to the shipment. 

China became a net exporter of gold via Hong Kong for the first time since at least 2011 in April.

Palladium gained 0.6% to $2,003.97 per ounce and platinum was up 0.2% at $840.25, while silver fell 0.3% to $17.14.

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