Gold Price News and Forecast: XAU/USD licks its wounds around $1,900
|Gold Price Analysis: XAU/USD licks its wounds around $1,900
Following its uninterrupted declines since Monday, Gold probes further downside around $1,900, currently near $1,900.50, during the pre-Tokyo open trading on Wednesday. The yellow metal has so far dropped the most in six weeks as the US dollar gauge rises to the late-July tops. In doing so, the bullion ignores market pessimism, mainly led by the coronavirus (COVID-19) resurgence.
Will the Gold rally continue? [Video]
Gold prices hovering around $1900 an ounce on Tuesday as concerns over new lockdown measures in Britain, Europe and the United States’ renewed the precious metal's safe-haven appeal.
On Tuesday, the British government announced a range of new lockdown restrictions for up to six months to fight a "second wave" of COVID-19 infections taking place across the UK. New measures are also expected to be introduced in Europe and the United States.
The threat of tough new restrictions spooked global equity markets on Monday – triggering one of the biggest single-day drops, since the coronavirus sell-off in March.
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