Gold little changed as falling equities offset firm dollar
A customer shows a piece of gold for sell at a goldsmith, as the demand for cash increased after the partial shut down caused by the outbreak of the coronavirus disease , in Bangkok, Thailand, April 16, 2020. REUTERS/Jorge Silva
Traders will move from riskier assets to safe havens if stocks drop, he said, adding that investors were also hoarding cash to protect themselves from another sell-off in equities.Asian share markets dropped to two-week lows as the floor fell out from under crude prices, exposing the deep economic damage from the pandemic.
Gold may come under pressure in the longer term as it is used as a hedge against inflation and falling crude prices tend to rise deflationary pressures in the market, analysts said. Gold tends to benefit from widespread stimulus measures from central banks, as it is often seen as a hedge against inflation and currency debasement.
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