By Alex Ho
Investing.com - Gold prices fell on Tuesday in Asia amid reports that countries including the U.S. and Japan might announce easing measures soon to support the economies.
Gold Futures for April delivery dropped 1.0% to $1,658.50 by 1:30 AM ET (05:30 GMT). Prices of the safe-haven gold surged on Monday amid fears over the global spread of the COVID-19.
The yellow metal gave back some of its gains today after U.S. President Donald Trump said he will be announcing “very substantial relief” soon to combat the outbreak’s impact. The measures could include a potential payroll tax cut, he said.
Meanwhile, Japanese Prime Minister Shinzo Abe said the government will work closely with the Bank of Japan to support the “very unstable” markets.
“Markets are making nervous movements amid uncertainty over the global economic outlook. Based on agreements made among G7 and G20 nations, the government will work closely with the BOJ and authorities of other countries to respond appropriately,” Abe said in a meeting with ruling party executives on Tuesday.
The World Health Organization said on Monday that the virus outbreak situation could “get worse before it gets better” for many countries, as global confirmed cases topped 110,000 while deaths exceeded 3,800.