Gold Bar Buying Rallies in China as ETF Investing 'Plugs Covid Demand Gap', Stocks Markets Slip

Gold Bar Buying Rallies in China as ETF Investing ‘Plugs Covid Demand Gap’, Stocks Markets Slip

GOLD BARS traded in London ticked higher in quiet trade Tuesday, holding in a tight $10 range above $1900 per ounce as world stock markets extended yesterday’s US plunge as the Covid pandemic’s second wave worsened ahead of next week’s US presidential election.

US tech-stock index the Nasdaq struggled to rally from Monday’s 2.0% drop, led by German-based SAP (Nasdaq: SAP) plunging over 20% after it slashed 2020’s earnings outlook on falling sales amid the global virus crisis.

The EuroStoxx 600 index meantime slipped to trade 5.0% below the peak first reached in June, halving the spring’s Covid Crash.

Wholesale gold bars priced in Euros have added €100 per ounce since then, trading at €1611 in London on Tuesday. "Gold is continuing to lack support from physical gold demand in Asia," says Germany’s Commerzbank in a note. "Swiss trade data had revealed last week that gold demand in India and China was […]

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