11.05.202019:18:00UTC+00Gold Futures Settle Lower Again

Gold prices drifted lower on Monday as the dollar advanced amid plans by several U.S. states to reopen businesses, and on concerns about U.S.-China trade deal.

Several countries across the world have drawn up plans to reopen their economies.

According to reports, U.S. President Donald Trump said in a recent interview that he was unsure if he should cancel a partial trade deal between U.S. and China.

The dollar index firmed up to 100.28, gaining nearly 0.6%.

Gold futures for June ended down $15.90, or 0.9%, at $1,698.00 an ounce.

Silver futures for July shed $0.098, or 0.6%, at $15.680 an ounce, while Copper futures for July ended at $2.3800 per pound, losing about 1.1%.

Traders were also reacting to reports from China and South Korea about new cases of the virus infection. Data from Germany's public health agency indicated coronavirus cases in the country are once again on the rise following recent steps to ease lockdown measures. These developments have added to concerns about the potential risks involved in hasty reopening of businesses.

Wuhan has reported its first cluster of new Covid-19 cases since lifting its lockdown measures, sparking fears that easing restrictions could give way to a second wave of infections.

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