By Geoffrey Smith
Investing.com – Gold Prices Have Changed Little After First New York Trades On Wednesday As Risk Assets and Safe Havens Settled Into Quieter Trading Models In Hope Of The Economy American will soon put the worst of Covid-19 behind it.
At 11:30 am ET (3:30 pm GMT), the gold futures to be delivered on the Comex exchange were actually unchanged from Friday’s close at $ 1,684.00 per troy ounce. Spot gold was also unchanged at $ 1,648.81. The two had suddenly hit new heights in eight years late Tuesday. The futures contract is down almost $ 60 from this high.
The markets were not moved by the confirmation of the dominant trend in recent weeks. The World Gold Council’s quarterly update confirmed that gold-backed ETFs had record first quarter inflows of 298 tonnes, representing net asset growth of $ 23 billion. This is the highest quarterly amount ever recorded in absolute dollars and the largest tonnage additions since 2016.
The move was also not exclusively for investors based in the United States. European funds recorded the largest absolute inflows and Asia and the other regions recorded the highest percentage growth during the month.
With little major news from the United States so far, the focus has been on Europe, where hopes for an agreement on how to finance the response to the crisis in Europe have been dashed. only temporarily interrupted by the breakdown of talks between finance ministers after 4 p.m. Wednesday morning.
Yield spreads between German and peripheral euro area sovereigns widened only slightly, as Germany indicated that it was willing to withdraw loans through the monetary union bailout fund, the mechanism stability without the kind of macroeconomic adjustment conditions that it insisted on during the European debt crisis. the last decade.
Whether this is enough to persuade the Italian government, in particular, to take advantage of the MES remains uncertain, given the residual distrust of the MES after its performance during the last crisis.
Elsewhere in the metal markets, silver futures fell 1.4% to $ 15.26 an ounce while platinum futures fell 1.4% to $ 734.65 per ounce. ounce. Copper futures also fell, but continue to trade clearly from their recent lows of $ 2.26 per pound.
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