Gold prices drop as economic turbulence continues
Gold prices fell marginally on Wednesday morning in Asia as the COVID-19 pandemic continued to cause economic turbulence.
Gold futures fell by 0.22% at $1,680 per ounce by 9:33 PM ET (2:33 AM GMT), extending losses from the previous session.
Asian stocks also started off with losses on the same day. Prices for the yellow metal often have been observed to move in the opposite direction from stocks. However, the two have followed the same trend in two consecutive days.
Improved investor sentiment also affected gold prices after several countries revealed data that indicated a declining number of new COVID-19 cases.