Gold price tops $1,900 on surging coronavirus cases

Gold price tops $1,900 on surging coronavirus cases

Stock image “Gold is facing a bit of a headwind from the recent slight rise in real yields,” Nicholas Frappell, global general manager at Sydney-based ABC Bullion, said in a Bloomberg interview .

“Some investors are optimistic over the prospects for US growth. Others are seeing positioning ahead of a Democratic win and assuming that the fiscal consequences will drive bond prices lower and yields higher,” he added.

“Gold has been trapped between $1,930 and $1,880. It is waiting to take cues from the election and there’s this resurgence of the pandemic,” Phillip Streible, chief market strategist at Blue Line Futures in Chicago, told Reuters .

The number of covid-19 cases in the US continues to spike with no signs of letting up. Over the past seven days, the country reported an average of about 68,767 new cases every day, the highest seven-day average recorded since the onset of the pandemic, an […]

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