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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