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Gold Spot

Gold prices climbed 1% on Monday to hit the highest level in more than a month, as investors took refuge in the safe-haven metal after an uptick in coronavirus cases dampened hopes for a quick economic recovery.

Technical Resistance: 1765/1786

Technical support: 1742/1736

Market headlines:

  • Wall Street ends higher as rising virus cases spur stimulus hopes
  • S. home sales tumble to 9-1/2-year low; price growth slows
  • China leaves benchmark lending rate unchanged for second straight month
  • USDMYR traded at 4.2825

Economic data:

  • 23 June 2020 Malaysia time 3:30 pm – German Manufacturing PMI (Jun)
  • 23 June 2020 Malaysia time 4:30 pm – U.K. Manufacturing PMI
  • 23 June 2020 Malaysia time 9:45 pm – U.S. Manufacturing PMI (Jun)

Wall Street ends higher as rising virus cases spur stimulus hopes

Wall Street’s three major indexes closed higher on Monday with the biggest gains in technology stocks as investors focused on the potential for more government stimulus measures even as they worried about an increase in coronavirus cases in the United States and other countries. The World Health Organization reported a record rise in global coronavirus cases on Sunday, driving demand for perceived safe havens including gold and longer-term U.S. Treasuries.

U.S. home sales tumble to 9-1/2-year low; price growth slows

U.S. home sales dropped to their lowest level in more than 9-1/2 years in May, strengthening expectations for a sharp contraction in housing market activity in the second quarter following disruptions caused by the COVID-19 pandemic.

China leaves benchmark lending rate unchanged for second straight month

China left its benchmark lending rate unchanged for the second straight month at its June fixing on Monday, matching market expectations, after the central bank kept borrowing costs on medium-term loans steady last week. The one-year loan prime rate (LPR) remained at 3.85% from last month’s fixing, while the five-year LPR was also steady at 4.65% from previously.

 

Source: Bloomberg, CNBC, Reuters

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