GOLD PRICE FORECAST: GOLD SPIKES TO FRESH HIGH BUT GIVES BACK GAINS AMID STOCK MARKET SELLOFFGold priced in USD eclipsed the $1,7
GOLD PRICE FORECAST: GOLD SPIKES TO FRESH HIGH BUT GIVES BACK GAINS AMID STOCK MARKET SELLOFF
- Gold priced in USD eclipsed the $1,700 per ounce stage in a single day as world markets panic in response to rising coronavirus considerations and rising recession threat
- Spot gold appears pressured by want for money amid the most important drawdown within the S&P 500 Index since 2008 that triggered a short halt in buying and selling
- XAU/USD might need potential to quickly attain its all-time excessive close to $1,900 with US Treasury yields hitting document lows and the FOMC prone to preserve chopping charges
Gold value motion hit a recent excessive for the 12 months as XAU/USD skyrocketed above $1,700 in a single day – the valuable metallic’s highest studying since December 2012. Spot gold has since pulled again from its 2% intraday spike, nevertheless, and is presently buying and selling across the $1,670 value stage. I famous on this week’s gold price forecast that threat of an enormous liquidity crunch and sprint for money may strain the worth of gold.
GOLD PRICE BOGGED DOWN BY INVESTOR NEED FOR CASH?
This morning’s jaw-dropping 7% plunge within the S&P 500 Index as US fairness buyers race to hit the promote button, which triggered a limit-down circuit breaker that halted buying and selling on the NYSE for 15-minutes shortly after the open, may partly clarify the retracement decrease in spot gold.
Merchants might need been offsetting…