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By Alex Ho
Investing.com - Gold prices fell on Tuesday as Asian stocks rebounded.
Gold Futures for April delivery on New York’s COMEX slide 0.4% to $1,576.45 by 1:20 AM ET (05:20 GMT).
Asian stocks trade mostly higher today, with Chinese equities up more than 1%.
The gains came even after Hong Kong today reported its first death from the coronavirus, the second fatality outside mainland China from an outbreak that has killed 425 people.
The People’s Bank of China flooded the economy with cash today to support the country’s economy hit by the widening coronavirus. The central bank injected 400 billion yuan ($57 billion) into the banking system through reverse repurchase agreements. It was the largest single-day addition in more than a year.
The U.S. Dollar Index, which usually moves in directions opposite to gold, traded higher earlier in the day after a key U.S. manufacturing survey showed a surprise rebound.
An unexpected rebound in U.S. stocks was also cited as a headwind for the yellow metal. All three of Wall Street’s key stock indexes closed higher, with the tech-heavy Nasdaq gaining 1.4%.
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