Gold edges lower as dollar gives up ground

Gold futures tilted lower in Asian trade off March 30 highs as the dollar index backed off March 26 highs as well, amid a lack of data from the US today and as markets continue to monitor the developments in the coronavirus pandemic. 

As of 04:03 GMT, gold futures due in June shed 0.24% to $1,643 an ounce, while the dollar index barely inched down to 100.68. 

The Covid 19 death toll in New York state tapered off for the first time, while global cases reached 1.27 million cases, with 69,500 deaths so far. 

Italy marked the lowest deaths in two weeks, and France the lowest number of deaths in five days, while deaths fell in Spain for three consecutive days. 

Tomorrow the Federal Reserve will release the minutes of the March 15 meeting, at which policymakers cut rates to zero in a drastic measure to prop up the economy in the time of Covid 19. 

Fed Governor Jerome Powell said back then the fallout from the virus will be felt in the near and medium terms, with exports falling due to global economic slowdown. 

Powell said the Fed is coordinating with other central banks in Canada, Japan, and England, will all central banks deciding to cut rates and flood the market with liquidity to prop it up.

On the fiscal side, US Congress passed a $2.2 trillion economic rescue bill, with President Donald Trump signing it into action to help most impacted companies and families.