By Gina Lee
Investing.com – Gold was down Monday morning in Asia even as risk sentiment soured over the weekend. Investor sentiment got a boost at the end of last week.
Gold futures were down by 0.42% at $1,691.70 by 9:46 PM ET (2:46 AM GMT) as Asian stocks also posted losses ahead of China’s release of its loan prime rate, expected later today.
The two usually move in opposite directions.
Gold retreated almost 2% in the previous session as U.S. President Donald Trump announced guidelines to re-open his country’s economy on Thursday and Gilead Sciences' (NASDAQ:GILD) report on the same day of the efficacy of its experimental drug remdesivir in treating COVID-19 patients.
But some analysts remained positive about the yellow metal continuing to be a safe haven amid the continuous COVID-19 economic storm.
“Gold will remain supported by the boatload of monetary and fiscal stimulus that will be in place for the foreseeable future. In the event of a deeper pullback, the $1,650 level remains key support,” Edward Moya, a senior market analyst at broker OANDA, said in a note.