Gold prices were pressured as investors avoided assets that were considered safe. It follows the improving condition of US President Donald Trump. Covid-19 infected Donald Trump last friday.
On Monday, the spot gold price fell 0.59 percent or 11.12 points to US $ 1,888.72 per troy ounce.
Meanwhile, the Comex gold price in December 2020 contract also fell 0.78 percent or 14.8 points to the level of $ 1,892.8 per troy ounce.
Meanwhile, the US dollar index was corrected by 0.05 percent or 0.044 points towards 93.8. The US dollar is also exposed to a sell-off following Trump’s improving condition.
Gold prices moved down
The Monex Investindo Futures report stated that gold prices moved down in the Asian session to the level of $ 1890. It is due to pressure from news that the US president’s condition was improving after testing positive for Covid-19.
The doctor who treated President Donald Trump revealed that Trump could be discharged from the Walter Reed Military Medical Center as soon as Monday (5/10/2020).
“Our plan today is to get him to eat and drink. Get out of bed as much as possible,” Doctor Brian Garbaldi, MD, told reporters.
Brian added that if Trump’s condition continues to look good and feels he is recovering from the corona virus infection. Thus, it is as good as Monday (5/10/2020) to return to the White House to continue further treatment.
According to Monex, as long as the spot gold price moves below the resistance level of $ 1897 and a potential strengthening of the US dollar amid improving conditions for the US president, the price of precious metals tends to be under pressure.
“The potential trading range for gold prices in the European session is $ 1882 – $ 1904,” said Monex.
Read also: Donald Trump Positive for COVID-19
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