f
  •  

By Barani Krishnan

Investing.com - Gold prices settled little changed near $1,750 per ounce Monday as investors tried to balance violent protests across the United States with hopes that the world’s largest economy would emerge fully from coronavirus lockdowns.

The yellow metal also gave up strong early gains after vaccine maker Moderna (NASDAQ:MRNA) started a Phase 2 study of its experimental COVID-19 vaccine, and Eli Lilly (NYSE:LLY) kicked off its Phase 1 study for a potential antibody treatment. 

U.S. gold futures for August settled down $1.40, or 0.01%, at $1,750.30 per ounce on Comex. On Friday, gold futures settled above $1,700 the first time since November 2012, gaining 2.5% for all of May for a third straight monthly gain.

Spot gold, which tracks real-time trades in bullion, was up $9.28, or 0.5%, at $1,738.35 by 3:00 PM ET (19:00 GMT).

“Gold prices are underperforming despite rising expectations that the U.S.-China phase-one trade deal is about to get ripped up and as widespread protests across the U.S. add to the concern a second wave of coronavirus could hit major U.S. cities,” said Ed Moya, an analyst at New York’s OANDA.

“Yet, Gold’s outlook is still bullish and will remain supported by the Fed’s put,” Moya said, referring to the Federal Reserve's stimulus actions, worth trillions of dollars, in response to Covid-19. “Fresh stimulus prospects and rising uncertainties with the global economic outlook should drive gold prices higher in the short-term.”

Tens of thousands of people swarmed the streets of U.S. cities on Saturday and Sunday to express their outrage and sorrow over the killing of George Floyd, a black man in police custody in Minneapolis. 

The unrest, with reports of shootings, looting, and vandalism in some cities, has confounded mayors and governors as they attempt to reopen the economies of U.S. states and cities that were shut down over the past three months by the Covid-19 pandemic. 


Other relevant articles 
[2020-06-01 15:10:23] Commodities Week Ahead: OPEC Eyes Oil Rally Amid U.S. Riots; Gold Sees...
[2020-06-01 07:10:25] Gold Up Amid Simmering U.S.-China Tensions
[2020-06-01 03:15:24] Goldman Cuts Yuan Forecasts on Renewed U.S.-China Tensions
[2020-05-29 22:40:14] Gold Ends Above $1,700 First Time in 8 Years on US-China Clash
[2020-05-29 22:20:12] Ecuador repays $1 billion in loans from Goldman, Credit Suisse
[2020-05-29 19:30:14] Argentina bonds pop as new debt offers raise deal hopes
[2020-05-29 17:40:15] Gold Picks up as Caution Returns After Heady Week
[2020-05-29 06:05:10] Gold Up on Back of Mounting U.S.-China Tension
[2020-05-28 17:00:12] Champagne sales sink in a world with little to celebrate
[2020-05-28 16:45:08] On debt-stricken Lebanon, investors see little room for optimism
[2020-05-28 06:05:06] Gold Up Alongside Rising U.S.-China Tensions
[2020-05-27 22:20:15] Exclusive: Venezuela reaches deal with U.N. to buy food, medicine...
[2020-05-27 16:40:14] Goldman Sachs on target to meet medium,long-term growth goals:...
[2020-05-27 07:05:07] Gold Down As U.S.-China Tensions Infect Safe-Haven Asset
[2020-05-26 21:25:05] Gold Nearly Breaks $1,700 Support as U.S. Risk Appetite Flares
[2020-05-26 17:45:08] Gold Falls as Spring Holiday, Vaccine Hopes Bring Out Risk-On...
[2020-05-26 17:10:04] Commodities Week Ahead: Oil Up On U.S. Holiday Driving Bet; Gold Firm...
[2020-05-26 14:55:04] Commodities Week Ahead: Oil Up On U.S. Holiday Driving Bet; Gold Firm...
[2020-05-26 08:45:04] Week Ahead: Sentiment Swings To Continue Driving Stocks; Gold Set To Break Out
[2020-05-26 06:55:03] Gold Down on Back of Vaccine-Boosted Investor Sentiment
[2020-05-25 15:30:23] Gold Prices Slip Amid European Reopenings, Dollar Strength
[2020-05-25 06:35:21] Gold Down Over Escalating U.S.-China Tensions
[2020-05-24 16:00:22] Week Ahead: Sentiment Swings To Continue Driving Stocks; Gold Set To Break Out
[2020-05-23 00:25:14] Point/Counterpoint: Gold Bulls Vs. Bears
[2020-05-22 21:55:12] Gold Cuts Weekly Loss as China Sparks Safe-Haven Buyingg
[2020-05-22 18:15:11] Hedge funds increased exposure to growth favorites in first...
[2020-05-22 17:50:12] Gold Moves Higher as Job Losses Fuel China-U.S. Tensions
[2020-05-22 15:10:11] A Gold Vault in London Is Key to a $62 Billion ETF’s Success
[2020-05-22 07:20:10] Gold Up as U.S.-Chinese Tensions Rise Over Hong Kong National Security Law
[2020-05-21 22:00:12] Gold Back Under $1,750 as Data Show Flattening of the U.S. Job...
[2020-05-21 20:00:18] Goldman Says Buy World’s Worst Stock Market Because Rebound Is...
[2020-05-21 15:25:07] Opening Bell: New Headwinds Pressure Futures, Shares Lower; Gold Falls, USD Up
[2020-05-21 06:50:07] Gold Down Amid Investors’ COVID-19 Fears
[2020-05-20 22:00:13] Gold Bulls Inch Past $1,750 as Fed Reiterates Near-Zero Rate...
[2020-05-20 17:40:07] Gold Nears 8-Year High Closer as Markets Eye Further Stimulus
[2020-05-20 16:25:07] Venezuela Sues Bank of England for Access to $1 Billion in Gold...
[2020-05-20 07:05:06] Gold Up on Back of Disappointing COVID-19 Vaccine Report
[2020-05-20 05:50:08] JPMorgan Joins Goldman Saying More QE Needed to Cap Bond Yields
[2020-05-20 03:55:06] China leaves lending benchmark LPR unchanged, as expected
[2020-05-20 01:45:07] Venezuela files claim to force Bank of England to hand over gold
[2020-05-19 21:30:05] Gold Jumps as U.S. Braces for Losses From Risky Covid-19 Loans
[2020-05-19 20:10:04] Goldman Sachs cuts Brazil 2020 GDP forecast to -7.4%, Mexico to...
[2020-05-19 17:10:04] Gold Rises but Silver, PGMs Shine as Other Markets Consolidate
[2020-05-19 10:15:03] China expected to keep lending benchmark unchanged: analysts
[2020-05-19 06:50:15] Gold Up on Increased U.S.-China Tensions But Held Back by...
[2020-05-18 20:55:23] Goldman Sachs: Brazil, Turkey vulnerable to local debt splurge
[2020-05-18 18:25:24] Commodities Week Ahead: Drillers May Again Threaten U.S. Oil; Gold...
[2020-05-18 17:55:23] Gold Reverses After Drug Tests Give Hope for Quick Economic...
[2020-05-18 14:55:22] Commodities Week Ahead: Drillers May Again Threaten U.S. Oil; Gold...
[2020-05-18 14:30:23] Silver Begins To Accelerate Higher, Faster Than Gold
[2020-05-18 06:20:21] Gold Up on Back of Souring U.S.-China Relations
[2020-05-18 02:45:22] Asia shares make cautious gains, oil and gold jump
[2020-05-15 17:35:11] Gold Hits Three-Week High as Dismal Data Bolster Haven Demand
[2020-05-15 16:50:11] Goldman Warns Central Bank QE Not Enough for Avalanche of Bonds
[2020-05-15 12:40:10] Goldman pushes ahead with 1,460 India hires, internships
[2020-05-15 12:25:10] Gold, Silver Race High on Fear of Second Virus Wave 
[2020-05-15 06:10:10] Gold Up With Investors Digesting Mixed Chinese Data
[2020-05-14 22:25:10] Trump’s Rising Clash With China Sends Joy Through Gold Buyers
[2020-05-14 18:20:07] Goldman Sachs to buy boutique wealth management custodian Folio
[2020-05-14 17:35:07] Gold Hits Two-Week High as Jobless Data Stoke Global Deflation...
[2020-05-14 17:25:07] Bank Stocks Climb on Report of Potential Goldman, Wells Fargo...
[2020-05-14 14:35:07] Opening Bell: Global Stocks, U.S. Futures Slump; Gold, Dollar, Bitcoin Gain
[2020-05-14 11:55:06] Foundering Pound Has Little Cheer in Sight as Ill Omens Gather
[2020-05-14 06:15:06] Gold Up After Stark Powell Speech Spooks Stocks
[2020-05-13 22:40:09] Goldman Sachs Now Sees U.S. Jobless Rate Peaking at 25%, Not 15%
[2020-05-13 21:55:09] Gold Holds Onto Safe-Haven Hat as Powell Warns About U.S. Economy
[2020-05-13 17:20:26] Gold Rises as Powell Flags Risk of Slow Recovery
[2020-05-13 06:15:07] Gold Gives Up Earlier Gains Amid Continued Second Wave Fears 
[2020-05-12 22:00:13] Range-Bound Gold Continues to Play Hide-and-Seek With $1,700...
[2020-05-12 17:55:04] Gold Rises as Trump Presses Fed for Negative Rates
[2020-05-12 06:05:03] Gold Up Alongside Mounting COVID-19 Second Wave Fears 
[2020-05-11 21:25:24] Gold Sucker Punched by Dollar as Nw Covid Wave Revives Safety...
[2020-05-11 18:25:23] Gold ETFs Luring Record Amounts of Cash Despite Risk-Asset Rally
[2020-05-11 17:45:27] Gold Falls as Fear of Fresh Virus Waves Hits All Asset Classes
[2020-05-11 16:20:22] Goldman Says Stocks Due for 18% Drop After Rally Driven by FOMO
[2020-05-11 16:15:36] Commodities Week Ahead: Oil Storage Rears Ugly Head Again; Gold Waits On China
[2020-05-11 15:05:29] Goldman’s Dividend Most at Risk, Morgan Stanley Analyst Says
[2020-05-11 15:00:28] Commodities Week Ahead: Oil Storage Rears Ugly Head Again; Gold Waits...
[2020-05-11 06:05:21] Gold Down, But Holds Above $1,700 Mark Over Fears of Second...
[2020-05-08 21:30:12] Gold Goes Cold as Wall Street Turns Hot After Worst U.S. Jobs...
[2020-05-08 17:10:11] Gold Struggles to Make Gains Despite Treasury Yield Collapse
[2020-05-08 09:40:10] Spot Gold Trading Volumes Plunged in April Amid Market Turmoil
[2020-05-08 06:05:10] Gold Up After Investors Digest U.S. Jobless Numbers 
[2020-05-07 22:25:08] Dipping Dollar, Tumbling U.S. Data Return Gold to $1,700 Zone
[2020-05-07 20:40:31] As U.S. states start to reopen, Fed official sees little sign of...
[2020-05-07 18:00:13] Gold Rises as Jobless Claims Revive Concerns for Economic Outlook
[2020-05-07 06:30:07] Gold Continues Gains After Dismal Economic Data 
[2020-05-07 05:10:07] Australia trade surplus surges to record on gold rush, improving...
[2020-05-06 22:00:14] Gold Back Under $1,700 as Dollar Gets Bid on Global Fears
[2020-05-06 17:40:07] Gold Falls to One-Week Low as Bullish News Fails to Gain Traction
[2020-05-06 06:45:06] Gold Up
[2020-05-05 21:55:05] Gold’s Upside Capped as Reopen Chorus Rings Around World
[2020-05-05 19:55:22] Goldman Sachs CEO: return to work will be gradual: memo
[2020-05-05 17:35:05] Gold Prices Fall as Oil Bounce Restores Sentiment Toward Risk...
[2020-05-05 06:45:11] Gold Down as Loosened Lockdowns Increases Investors’ Risk...
[2020-05-04 21:50:38] Gold Powers Ahead on $1,700 Path, Helped by U.S. Rhetoric on...
[2020-05-04 17:45:24] Gold Edges Higher as Trump Revives Trade War Concerns
[2020-05-04 14:40:23] Opening Bell: Futures, Stocks Tumble On Renewed U.S.-China Tensions; Gold Pops
[2020-05-04 08:50:22] Goldman Sachs says it remains bullish on oil prices in 2021
[2020-05-04 06:20:22] Gold Up Amid Souring Investor Risk Over Increased U.S.-China...