Gold continued to trade in the red ocean at the opening of the European session after recording an increase of almost $ 50 in just two days this week.
The precious metal previously hit its latest weekly high of $ 1,875 per ounce in the New York session but declined again after that.
This increase has been supported by an increase in the number of daily coronavirus cases and hopes for more stimulus making this precious metal gain in demand from investors.
On Tuesday, the number of coronavirus cases in the United States surpassed 15 million, making it the country with the highest number of cases worldwide. According to Johns Hopkins University data, on average, over 200,000 Americans are tested positive for Covid-19 every day.
However, the positive development of the Covid-19 vaccine also overshadowed the gold trade, causing some investors to relinquish their holdings on these safe-haven assets.
Following these mixed market sentiments, investors took a cautious approach before placing positions in today's trading session.
The price of gold, which has risen to almost $ 50 in just two days this week, traded around $ 1,860 an ounce. Meanwhile, gold futures traded at $ 1,864 per ounce (3.45pm Malaysian time).
