2020.04.0818:02:00UTC+00Gold Futures Settle Flat

Gold futures settled flat on Wednesday, after seeing a choppy ride as investors weighed the effectiveness or otherwise of the various stimulus steps from the governments and central banks in curbing the economic impact of the coronavirus outbreak.

Investors were also awaiting the minutes of the Federal Reserve's recent policy meeting for clues on further stimulus.

Gold prices moved higher early on in the session amid worries about the virus pandemic after new deaths rose to 743 in Spain and infections climbed by 5,400 after five straight days of declines.

Gold futures for June ended up $0.60, or about 0.04%, at $1,684.30 an ounce, despite rising to a high of $1,695.80 in mid-morning trades.

France became the fourth country to report a death toll of more than 10,000, and the 24-hour death toll from the virus surpassed 1,850 in the U.S., a record high for any country in a single day.

Investors were also worried about a deepening recession. According six leading research institutes, the German economy will shrink by nearly 10% in the second quarter as the coronavirus paralyses the country.

The Bank of France said the French economy has entered recession with an estimated 6% drop in the first quarter of this year compared to the previous three months.

Meanwhile, Eurozone finance ministers failed to agree on the region-wide stimulus measures following 16 hours of talks. The meeting is suspended until Thursday.