Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

PRECIOUS-Gold falls as Japanese shares rise on potential stimulus report

Published 25/05/2020, 11:26 am
Updated 25/05/2020, 11:30 am
© Reuters.

© Reuters.

May 25 (Reuters) - Gold dipped on Monday as Japanese equities rose on news about a potential stimulus programme, although losses were capped by a weaker dollar and worries of fresh Sino-U.S. tensions over Hong Kong.

FUNDAMENTALS

* Spot gold XAU= fell 0.3% to $1,729.17 per ounce by 1241 GMT. U.S. gold futures GCv1 were down 0.4% to $1,728.40.

* Japan is considering fresh stimulus worth over $929 billion, that mostly consist of financial aid programmes for companies hit by the coronavirus pandemic, the Nikkei newspaper said. Japan's Nikkei .N225 has jumped 1.5% following the report. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 0.1%. MKTS/GLOB

* The dollar index .DXY was down 0.1%, making greenback-denominated gold cheaper for investors holding other currencies.

* China dropped its annual growth target for the first time on Friday and pledged more government spending, setting a sombre tone to this year's meeting of parliament. Highlighting a return of political uncertainty, thousands rallied on Sunday to protest against Beijing's plan to impose national security laws on Hong Kong. China's proposed national security legislation for Hong Kong could lead to U.S. sanctions and threaten the city's status as a financial hub, White House National Security Adviser Robert O'Brien said on Sunday. SPDR Gold Trust GLD holdings, the world's largest gold-backed exchange-traded fund, rose 0.4% to 1,116.71 tonnes on Friday. GOL/ETF

* Palladium XPD= gained 1.3% to $1,970.25 per ounce, while platinum XPT= was down 1.1% to $830.75 and silver XAG= fell 0.4% to $17.12.

DATA/EVENTS (GMT) 0600 Germany GDP Detailed YY NSA

Q1 0800 Germany Ifo Business Climate New May

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.