Hang in there GOLD! Don't Fall Again

 Gold-plated metal continues to struggle to maintain its position above the $ 1,900 ounce price level ahead of the weekend trade.


The price of gold traded lower in the previous trading session returned to record after being supported by renewed expectations from the US fiscal stimulus plan.


US President Donald Trump is reportedly ready to boost a larger stimulus than his initial $ 1.8 trillion bid to help support the economy.


However, the price support did not last long after Republican Senate Majority Leader Mitch McConnell rejected Trump's proposal because the value offered was too great.



At the start of today's European session, the yellow metal traded hovering around the price level of $ 1,907 per ounce, while gold futures were positive at $ 1,911 per ounce.


Rising concerns over the surge in Covid-19 cases in Europe, particularly the UK and France as well as recent sanctions, however, have supported the price of gold to remain traded above the $ 1,900 level.