Gold trims weekly losses and returns to $1,885 area.
The precious metal bounces up amid moderate dollar weakness.
A clear Biden’s victory might open the doors for gold’s recovery.
Gold futures have bounced up from $1,860 lows, returning to $1,885 area, buoyed by a slightly brighter market mood on Friday which has eased safe-haven demand for the US dollar. Gold depreciates in a cautious market The yellow metal, however, remains negative on the week, on track for a 1,1% depreciation. Market concerns about the impact of a second COVID 19 wave and the uncertainty above the US elections have strengthened the US dollar, on the detriment of dollar-denominated commodities, like gold, which dropped to levels right above multi-month lows at $1,850.A round of short-covering in the last trading day of the month could explain the moderate pullback of the US dollar , which has helped bullion […]
November 1, 2020 (updated November 1, 2020) Published by StockMan