The bailout package of $ 2 trillion approved by the US government has initially waned interest in crisis protection gold.
The gold price is now heading back towards $ 1,600 after a Tuesday (24.03.20) high of $ 1,692. Selling pressure is likely to come primarily from the futures markets, while demand for bars and coins and the ETF sector remains brisk. For example, the amount of gold held by the world’s largest gold ETF SPDR Gold Shares increased yesterday for the third time in a row. During this period there had been a marked increase from 908.18 to 949.15 tons.
On Thursday morning, the gold price presented itself with weaker prices. By around 7:50 a.m. (CET), the most actively traded future on gold (April) was down $ 10.90 to $ 1,622.50 a troy ounce.
Crude oil: setback after three-day rebound
After three days of price increases, the fossil fuel shows up in early Thursday, last week, trading with yielding quotes. ANZ Group analysts expect daily oil demand to drop by more than ten million barrels, because more and more economies are only “on the back burner”. A few days ago, the experts at Goldman Sachs estimated a drop in demand of eight million barrels. The initial applications for US unemployment benefits reported in the afternoon are causing a great deal of excitement. According to a survey of analysts published by Trading Economics, the number of new unemployed in the US has multiplied from 281,000 to one million.On Thursday morning, the oil price presented itself with falling prices. The next due WTI future fell by $ 0.54 to $ 23.95 until around 7.50 a.m. (CET), while its counterpart on Brent fell by $ 0.43 to $ 29.56.