Wednesday, November 18, 2020

Is it certain that gold will not fall again today?

 The start of the European session saw gold continue to trade below the $ 1,900 price mark amidst market confidence in a vaccine that was constrained by uncertainty about the resurgence of the Covid-19 worldwide.

The precious metal was trading slightly higher at the start of the European session at $ 1,881 per anuns, while trading before gold was also steady at $ 1,880 per aun (3.55 pm Malaysia time).

Gold fell as much as 1.3% on Monday after Moderna Inc announced its 94.5% vaccine was effective to prevent Covid-19 at its final rating.

However, concerns over the impression of an economic recovery that may have occurred due to the continued increase in coronavirus cases, particularly in the United States and Europe have driven gold's earlier gains and limited losses lower.

In fact, a weaker-than-expected reading of retail sales data also shows signs of weakness in the use of the United States due to the unstoppable pandemic crisis.

US Federal Reserve (Fed) chairman Jerome Powell said on Tuesday that the road to economic recovery is "still far away" and the central bank is committed to using all its tools to support where needed.