Gold Rush Eases as Oil Loses Ground

The gold rush witnessed in Monday’s trading is cooling off, although markets remain anxious about the coronavirus. In early Monday trading, investors sought refuge in safe-haven precious metals -Gold- as markets across Asia opened lower than expected.

However, in early Tuesday trading, the bulls were unable to hold on to gold thus cashing in a move that saw XAUUSD drop -0.07% to trade at 1,579.24.

Moreover, there was reduced investor confidence in oil due to fears of a slump in demand growth. OPEC is reportedly considering an extension to the ongoing production cuts which in turn may stabilize the prices.

Brent oil dropped -0.09% in early Tuesday markets to hit 57.890.

For instance, the spread of the coronavirus and the rising death toll in the last few days have seen Brent crude drop below $60 a barrel.

The Yen bounced from subdued trading on Monday, settling at around 109.00 after trading at 108.72. Meanwhile, the NIKKEI225 appreciated 0.29%, perhaps signaling improved confidence in Asian stocks.

Asian Markets Open Lower Amid Corona Virus Fears