Gold futures edged higher Tuesday, a day after finishing at its lowest since late February as a flight to quality left the yellow metal behind.
Global equities slumped Monday as investors reacted to fears of a potential lockdown of Beijing as Chinese authorities responded to a rise in COVID-19 cases, though U.S. stocks later bounced back to end the day in positive territory. Gold, often viewed as a haven during periods of market volatility, failed to find support as investors piled into Treasurys and other havens.
“During such market phases in the past, gold would often come under pressure because gold would be sold to offset losses elsewhere,” he said, in a note. “Yesterday, for example, saw considerable pressure on stock markets for some of the time. Gold has at least regained the $1,900 per troy ounce mark this morning.”
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