The metal loses ground amid the hope of a potential Covid-19 drug, but worry about surging cases in Beijing caps gains
Bengaluru — Gold prices eased on Wednesday on the hope of a potential Covid-19 drug and a stronger US dollar, but the fall was limited due to the worry about surging cases of the novel coronavirus in Beijing.
“The attention remains elsewhere, mostly equity markets. However, Covid-19 nerves as Beijing shutdowns extend should offer support on any dips,” said Jeffrey Halley, senior market analyst at Oanda. However, the dollar rose 0.1% against its rivals, making gold expensive for holders of other currencies.
Geopolitical tension and additional stimulus measures from global central banks also offered some support to the safe-haven, which often used as a safe store of value during times of political and financial uncertainty.
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