Gold Slips In Asian Trades

Published on Oct 22, 2020 11:38

COMEX Gold futures slipped in Asia today after witnessing good gains in last session and currently trade at $1917 per ounce, down 0.65% on the day. The metal stayed well supported yesterday, hitting one and half week high of $1935 per ounce. DOW saw continued selling pressure in intraday moves as traders focussed on the development around fresh fiscal stimulus. Dollar index stayed slippery and fell near one month low, keeping Gold afloat. Covid-19 continues to remain a key worry for world economy. The Covid-19 pandemic is exacting a heavy toll on Europe. More than 240,000 people have lost their lives. Millions have suffered the illness themselves, the loss of loved ones, or major disruption in their work, their businesses, and their daily lives, IMF noted in a latest blog post. The economic impact of the pandemic has been enormous. The IMF`s latest Regional Economic Outlook for Europe forecasts a 7% decline in Europe`s GDP in 2020. The recovery from this crisis will be uneven and partial