By Gina Lee
Investing.com – Gold prices were up in Asia on Thursday as investors continue to calculate the economic damage from the COVID-19 pandemic.
Gold futures were up by 0.33% at $1,745.70 by 9:37 PM ET (2:37 AM GMT) as the yellow metal attempted to claw back its losses from the previous session.
Companies reported dismal numbers during what is turning out to be a difficult earnings season, and the U.S. Commerce Department said retail sales in March plunged a record 8.7%.
Stocks, which usually move in the opposite direction to gold prices, were down in the region on the same day.
The continuous economic turmoil will increase gold's appeal to investors, as it is viewed as a safe haven.
Commerzbank analyst Carsten Fritsch told CNBC that “the severe impact of the global lockdown on economies and financial markets, the flood of money released by central banks and governments and the ballooning sovereign debt point to ongoing robust demand for gold as a safe haven and last-resort lifeline.”
But Bart Melek, head of commodity strategies at TD Securities, was more cautious as he told CNBC, “Before gold can really take off and have the big macro and central bank policy measures bring it up...there has to be some stability, because anytime there is a need to get cash and liquidity, gold is going to be sideswiped by that.”