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Abstract：Recently, the US dollar surged at the expense of gold prices. European countries have imposed new restrictions as coronavirus cases come roaring back, which fuels negative sentiment in markets.
WikiFX News (26 Sept) -Recently, the US dollar surged at the expense of gold prices. European countries have imposed new restrictions as coronavirus cases come roaring back, which fuels negative sentiment in markets.
There are over 31 million confirmed COVID-19 cases globally, according to the latest tally from Johns Hopkins University. Besides the US, Europe has seen its weekly new infections exceeding those reported during the peak in March. European countries such as Germany, Italy, and the Netherlands have seen the pandemic significantly re-emerging with Spain facing the worst coronavirus infection rate.
Investors had their negative sentiment increased amid worries about growing infections, lockdown extension, and the uncertainty over governments' new bail-outs, which caused broad risk-off tones displayed, sending the greenback higher while punishing gold.
Gold prices have breached below the $1,900 handle, and if rallies are well capped below $1,800, from current trends, a period of consolidation and even lower prices within an upper trading range are on the way.
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Chart: Historical Gold Prices
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
For the past few years, gold has been riding a seemingly never-ending trend, and recently silver has decided to join the race, and both of these assets made headlines across the world because of how well they were performing.
Malaysia’s retail gold prices have hit record highs, with 999 fine gold reaching RM700 per gram and 916 gold rising to RM650, driven by surging global gold prices, geopolitical tensions, and growing expectations of further US interest rate cuts.
Gold has made yet another all-time high, but this time, nobody is talking about it.
The spectacular year-end rally in precious metals hit a wall on Monday, as gold and silver prices collapsed from fresh all-time highs. Traders aggressively booked profits in a market thinning out for the holidays, amplifying volatility and triggering a sharp technical correction.
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