Gold prices are slightly lower in early U.S. trading

London (Mar 26)  Global investors put more cash in safer money market funds in the week ended March 24, on resurgent worries over coronavirus infections and fresh lockdowns in some parts of Europe.

Global money market funds received inflows of $42.6 billion in the week, the biggest in 13 weeks, data from Refinitiv Lipper showed.

Meanwhile, equity funds received inflows of $23.2 billion, a 34% decline compared with the previous week, and bond funds got $6.94 billion, a 17% drop.

During the week, investors were also spooked by other concerns, such as U.S. and European sanctions over China, the abrupt dismissal of Turkey’s central bank chief and the cost of infrastructure spending and potential tax increases to pay for President Joe Biden’s $1.9 trillion relief bill.

Among equity funds, inflows into cyclical sectors such as financials and industrials slowed on rising doubts over a faster economic recovery from the pandemic, as coronavirus cases increased around the world.

However, investors shunned safer precious metal funds, which faced an outflow of $409 million in the week, as a stronger dollar crimped commodity prices.

Reuters