Daily Management Review

Gold goes up on continuing risks of COVID-19


The price of gold rose Friday morning amid continuing concerns about the impact of the coronavirus on the global economy, trading data showed.

The price of December gold futures on the New York Comex Exchange rose 0.3%, or $5.35, to $1,788.35 a troy ounce on Aug. 20. Meanwhile, September silver futures were shedding 0.03% to $23.227 per ounce.

Gold was supported by the sustained negative market sentiment caused by the rising incidence of coronavirus. Traders tend to buy more reliable assets amid concerns about the global economic recovery.

On Wednesday, the U.S. Federal Reserve System protocol was also published, which indicated that the regulator may start reducing the volume of asset repurchases as early as this year. According to James Steel, an analyst of HSBC on precious metals, who was quoted by Market Watch agency, despite the fact that the majority of participants of the meeting were for curtailment of stimulus, there is still no consensus.

This, according to the analyst, largely did not affect the price of gold, and she "stopped" at $ 1,800 per ounce.

source: marketmatch.com