Gold Price Analysis: Better bid after biggest weekly gain since August 2019
Gold is on the offensive, having logged its biggest weekly gain in six months last week. The yellow metal is currently trading at $1,663 per Oz, representing over 1% gains on the day, having hit a high of $1,681 in early Asia. That was the highest level since February 2013.
Prices rallied by over 3.7% last week. Gain bigger than that were last seen in the second week of August.
Gold pulls back from fresh seven-year high to sub-$1670 area, coronavirus in focus
Gold prices rallied to $1,681.25, the highest since February 2013, during early Monday. The yellow metal recently benefited from the rise in the coronavirus cases outside China while no respite from the contagion inside the dragon nation earlier fuelled the safe-haven. It should be noted that the bullion’s prices have been pulled back to $1667.18 by the press time.
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