Gold prices are trading lower on Monday shortly after the regular session opening. The market is following the movement in the stock market although some say it’s being supported by growing concerns over the extent of the economic hit from the coronavirus pandemic.

Prices have been on a tear since last Thursday when the U.S. Federal Reserve announced a broad, $2.3 trillion stimulus package to weather the outbreak, which has forced 16.8 million Americans to file for unemployment benefits since the week-ended March 21.

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