2020.04.2011:12:00UTC+00Gold Prices Little Changed In Cautious Trade

Gold prices were little changed in cautious trade on Monday as the dollar rose ahead of a busy week of corporate earnings and economic data releases that will highlight the economic damage from the coronavirus crisis.

Spot gold traded flat at $1,683.68, after having touched its lowest since April 9, at $1,670.55. The contract fell as much as 2 percent on Friday amid a global rally in equity markets on hopes that the U.S. economy might reopen soon. U.S. gold futures were down 0.2 percent at $1,695.45.

As coronavirus ravages growth, there are expectations that global policy makers will step up stimulus.

Earlier today, China cut its benchmark lending rate for the second time this year to shore up the coronavirus-hit economy.

The European Council is expected to announce a recovery fund this week, though debate continues over ways of financing.

ECB officials have held high-level talks with counterparts in Brussels about opening a bad bank as a potential way to deal with a surge in non-performing loans, according to the Financial Times.

In the U.S., Treasury Secretary Steven Mnuchin and House Speaker Nancy Pelosi said Sunday the two sides were close on a deal to boost the small-business lending fund.

The number of positive coronavirus cases across the world crossed 2,400,000 while the death toll topped 165,000.