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Gold in “Wait and See Mode” as Traders Await More News

Gold in “Wait and See Mode” as Traders Await More News

  • Update Time : Monday, April 6, 2020
  • 346 Time View
XAU/USD (GOLD): Weekly Technical Analysis
XAU/USD (GOLD): Weekly Technical Analysis

MarketDeal24.Com – Prices of traditional safe-haven gold was very much unchanged on Monday, the first trading day of the week, as market participants remained cautious amid the continuous economic instability.

Gold Futures was up by 0.04% at $1,646.3 by 9:26 PM ET.

Three refineries in Ticino, Switzerland, Europe’s largest gold refiners, revealed yesterday that they have obtained permission to run their operations on a limited scale.

The declaration is expected to take some worry about the gold’s supply off the market.

The US Bureau of Labor Statistics, in the meantime, has announced that there has been a 701,000 drop in Non-Farm Payroll (NFP).

“Gold continues to be in wait-and-see mode on how bad the global economy will get and how long will the depression-like conditions last,” Edward Moya, senior market analyst at broker OANDA, told CNBC.

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