Tuesday, October 20, 2020

Uncertainty In The Market, Want To 'BUY' GOLD Be Careful!

 The start of European session trading saw gold-priced metals record a modest increase following investor caution ahead of the deadline for US stimulus package approval.

Over the weekend, House Speaker Nancy Pelosi gave the White House 48 hours to clarify whether an agreement on U.S. fiscal stimulus could be reached before the November 3 presidential election.

While this agreement may not be possible due to the US Senate opting for a smaller aid package, investors are trying to be optimistic that it can be achieved but still take precautionary measures.

Meanwhile, the latest report on Pelosi and Treasury Secretary Steven Mnuchin who have bridged their differences after discussing over the phone calls also slightly raised market expectations.

However, the uncertainty of whether an agreement can be reached or not continues to limit the movement of gold from rising higher.

Entering the European session, gold precious metals traded around $ 1,901 per ounce, while gold futures traded at $ 1,903 per ounce (3.20pm Malaysian time).