COMEX Gold Back Above $1900 Mark

Published on Oct 16, 2020 11:26

Gold recovered as one week lows offered good support to the metal. Fresh lockdown restrictions across Europe due to spikes in coronavirus infections also triggered safe haven buying in the metal. The COMEX Gold futures added 0.10% to trade at $1910 per ounce. Gold bulls are eyeing a continued increase in global monetary and fiscal stimulus over coming months. In a latest communique, the G20 Finance Ministers & Central Bank Governors noted that while the global economy is experiencing a sharp contraction in 2020 due to the impact of the COVID-19 pandemic, the outlook is less negative with global economic activity showing signs of recovery as our economies have been gradually reopening and the positive impacts of our significant policy actions started to materialize. However, the recovery is uneven, highly uncertain and subject to elevated downside risks.