Gold Down Over Record Jump in U.S. Retail Sales Data and Potential COVID-19 Cure….LIVE NEWS UPDATE BY ROYAL TRADERS


Gold was down on Wednesday morning in Asia, with the price of the yellow metal stemmed by positive U.S. retail sales data and mounting COVID-19 and geopolitical fears.

Gold futures fell by 0.13% at $1,734.20 by 12:50 AM ET (5:50 AM GMT). Stocks, which usually move in the opposite direction to gold, were mostly down on Wednesday.

The U.S. announcement of a record increase in May retail sales on Tuesday led to an investor retreat from gold as hopes of a quick recovery from the economic impact of COVID-19 increased risk appetite and the dollar rose.

Meanwhile, investor sentiment was further boosted after the U.K. announced a “major breakthrough” in a COVID-19 cure on Tuesday. Dexamethasone, a cheap and widely used steroid, was proven to be the first drug able to save patients’ lives.

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