This set-up is now beginning to ease and while gold remains above $1,900 last Friday’s high and Monday and Tuesday’s low prints the outlook remains positive.
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Gold is Still Significant and The Main Trend Remains Bullish
Gold retreated after a nine-day rally that included a record high as positive results from a vaccine study curbed demand for the metal as a haven, spurring investors to cash in recent gains.
Gold Consumption Fell 56% From a Year Earlier to 165.6 Tons – GSR
Gold purchases by Indians this year are forecast to tumble to a record low as the coronavirus pandemic hurts the economy and prices surge to all-time highs, according to the World Gold Council.
Why There’s More to Gold’s Rally Than Inflation Fears – Gold Silver Reports
Bullion is best known as a time-honored haven from inflation, but there’s more to its appeal, and plenty of conflicting forces at work that can excite commentators and investors.
U.S. Mint Has Reduced the Volume of Gold and Silver Coins – GSR
The U.S. Mint has reduced the volume of gold and silver coins it’s distributing to authorized purchasers as the coronavirus pandemic slows production.
Investors Keep Buying Gold, Real Interest Rates Boost Case for Gold
The U.S. dollar’s reign as the world’s reserve currency is coming under threat, as evinced by the recent surge in gold prices, according to Goldman Sachs Group Inc.
Gold Prices Hit New Highs in Global Markets – Gold Silver Reports
Gold is off to a strong start this week in Indian markets after posting strong gains in the previous week. On MCX, August gold future prices rose 1.5% or ₹800 to a record high of ₹51,833 per 10 gram, tracking a global rally. Silver prices also rallied today. Silver futures on MCX gained 5.5% or ₹3,400 to ₹64,617 per kg. In the previous week, gold prices had surged 4% while silver had jumped 15%.