USD is down, it's time for gold to rise!

 Commodity gold rose higher, breaking a week's high as the US dollar continued to extend losses at opening trading earlier in the week.


Entering the European market session, spot gold is expected to increase at $ 1,893 per aun while trading ahead of gold is also positive at $ 1,891 per auns (4.15 pm Malaysia time).


The President-elect's top adviser, Joe Biden, has urged immediate action to address the coronavirus crisis when the total number of outbreaks in the United States exceeds 11 million after recording a daily high of 177,000 cases on Saturday.


The widespread contagion has created market uncertainty about the United States economy and raised hopes for the country's next step in fiscal stimulus.



Over the week, US Federal Reserve (Fed) Chairman Jerome Powell continued to emphasize that more action needs to be taken by the central bank and Congress to bolster the economy.


Powell also said that a continued increase in outbreaks in the country would further increase the risk to the economy despite growing hopes for a vaccine discovery.