Gold prices down amid record oil slump

21.04.2020 - Davydova Maria
Gold prices down amid record oil slump

Gold prices on Tuesday morning fell in Asian markets, surrendering gains from the previous session.

The decline comes after WTI Futures plunged into negative pricing just before the contract’s Tuesday expiry.

Gold futures had previously gained nearly 1% following the record slump in oil prices but later fell by 0.32% to $1,705.70 per ounce at 11:49 PM ET (4:47 AM GMT). Wall Street shares and Asian stocks also fell after the news as investors flocked to the safe-haven commodity.

In a Reuter’s poll on Monday, some predicted that the increasing demand for the yellow metal could be offset by a strengthening Dollar despite the two often moving in opposite directions.   

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