Gold loses some lustre as the greenback begins to glitter

SINGAPORE (June 19): While global uncertainty is usually a catalyst for a surge in gold prices, recent fears of a second wave of Covid-19 infections have not seen a mad scramble for bullion. A strong performance from equities has, instead, seen investors reach for liquidity to catch the rising tide, reversing despite pandemic insecurities supporting gold futures. 

Comex GC Gold futures prices came in slightly lower on Thursday, while the benchmark Comex GC Aug20 contract had a cold opening at US$1729.80 ($2411.06) on Friday after falling -US$4.50 at US$1,731.10 an ounce. 

Similarly, the benchmark JAU April21 Gold Futures started the day at JPY5940/gram ($77.42) after settling JPY20 lower at  JPY5942 last night.