GOLD PRICE DOWN

REUTERS - APRIL 20, 2020 - Gold touched its lowest in more than a week on Monday, as the dollar strengthened ahead of a raft of corporate earnings and macro data that will highlight the economic damage from the coronavirus crisis.

Spot gold was down 0.2% to $1,680.46 per ounce by 0951 GMT, having touched its lowest since April 9, at $1,670.55.

The metal shed as much as 2% on Friday after global equity markets gained on hopes the United States would reopen its economy. U.S. gold futures eased 0.2% to $1,695.90. 

"The dollar has remained strong, which may be aiding these moves in gold," OANDA analyst Craig Erlam said, adding gold could also be seeing some profit-taking continuing from last week.

"If gold can break and hold below $1,680, it could trigger a move back towards $1,640 or maybe even $1,600. However, I still think it's bullish longer-term; the sheer amount of stimulus and uncertainty should continue to support prices."

Safe-haven gains for the U.S. dollar limited gold's appeal, with the dollar index gaining 0.2% as global growth fears intensify. Global stock markets were cautious ahead of this week's corporate earnings.

Bullion has on occasion moved in tandem with stock markets this year, with recent sharp sell-offs prompting investors to sell precious metals to cover their losses elsewhere.

"So, as we get fears that this recession will be substantial and disruption in economic activity will be longer lasting, gold is one of those things that will be liquidated," said DailyFx currency strategist Ilya Spivak.

In the United States, governors in states hardest hit by the pandemic sparred with President Donald Trump over his claims they have enough tests and should quickly reopen their economies as more protests are planned over the extension of stay-at-home orders. 

More than 2.38 million people have been reported to be infected by the novel coronavirus globally and 164,918 have died, a Reuters tally showed.

Central banks around world have rolled out massive fiscal and monetary measures to limit economic damage from the virus. 

In the latest move, Japan is boosting its new economic stimulus package to expand cash payouts to its citizen.

Palladium edged 0.3% higher to $2,162.65 per ounce, platinum rose 0.7% to $780.26, while silver gained 0.4% to $15.19.

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