Gold Prices Respond to Global Disruptions

NEW YORK, April 1, 2020 /PRNewswire/ — Gold futures were lower Tuesday, as a better-than-expected U.S. consumer confidence data and a rise in Chinese manufacturing activity put some pressure on the prices of the metal. China’s manufacturing gauge for the March official purchasing managers survey rose to 52, according to a report by MarketWatch, from a record low of 35.7 in the previous month as factories resumed work following a month-long shutdown. Yet, despite the positive developments from China, many parts of the world, including Europe and the United States, still struggle to contain the pandemic. Therefore, gold prices for the April contract, which is currently among the more active, had increased by 9.5% last week for the biggest weekly jump since September 2008, according to FactSet data. Since gold is often considered as a safe-haven asset, the current economic instabilities around the world create the right environment for demand to grow. Blue Lagoon Resources Inc. (OTC: BLAGF) (CSE: BLLG), Barrick Gold Corporation (NYSE: GOLD) (TSX: ABX), AngloGold Ashanti Limited (NYSE: AU), Kinross Gold Corporation (NYSE: KGC) (TSX: K), Agnico Eagle Mines Limited (NYSE: AEM) (TSX: AEM)