Gold Continues to Fall as Risk-aversion Sentiments Decline

Gold price has been falling for the third straight day, as global governments’ measures of reopening economy and the stock market’s rally reduced part of the market’s risk-aversion demands.

Investors are closely following the stimulus measures governments and central banks will implement to revive economy.

In addition, statistics also show that China and India’s gold imports have declined starkly, as lockdown measures and spiking gold prices dampen consumers’ demand of the precious metal. According to data from General Administration of Customs People’s Republic of China (GACC), China’s Gold imports dropped over 80% in March and over 60% in the first quarter this year.

China imported only 17.5 tonnes of gold in March, the lowest level recorded by GACC since January, 2018. Similarly, India’s gold imports are also near historical low.

Gold’s daily pivot point 1704-1706

S1: 1694 R1: 1719

S2: 1680 R2: 1730