The gold rush witnessed in Monday’s trading is cooling off, although markets remain anxious about the coronavirus. In early Monday trading, investors sought refuge in safe-haven precious metals -Gold- as markets across Asia opened lower than expected.
However, in early Tuesday trading, the bulls were unable to hold on to gold thus cashing in a move that saw XAUUSD drop -0.07% to trade at 1,579.24.
Moreover, there was reduced investor confidence in oil due to fears of a slump in demand growth. OPEC is reportedly considering an extension to the ongoing production cuts which in turn may stabilize the prices.
Brent oil dropped -0.09% in early Tuesday markets to hit 57.890.
For instance, the spread of the coronavirus and the rising death toll in the last few days have seen Brent crude drop below $60 a barrel.
The Yen bounced from subdued trading on Monday, settling at around 109.00 after trading at 108.72. Meanwhile, the NIKKEI225 appreciated 0.29%, perhaps signaling improved confidence in Asian stocks.
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