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COMEX Gold Breaks Well Above $1900 Per Ounce

Published on Oct 21, 2020 11:22

Gold stayed supported as a break above $1900 extended. The metal quotes at $1922 per ounce, up 0.38% on the day. US stocks recovered after the correction seen on Monday as market focussed on fresh aid package to bolster the economic recovery. The World Gold Council (WGC) noted in a survey that Russian investors believe gold offers security. Gold is seen as an effective store of value. Most Russian investors believe it holds its long-term value and protects against currency and inflation fluctuations. Two thirds of them say that it evokes feelings of long-term security. Gold is not currently considered a mainstream investment among Russia. But there is a significant conversion opportunity, says WGC. Around 68% of the survey participants noted that Gold is a good safeguard against inflation/currency fluctuations.

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