Gold hits multi-year highs as second COVID-19 wave fears mount - batespretrusiona47
Gold surged for a fourth transparent trading twenty-four hour period connected Wednesday, while reaching highs non seen since untimely October 2012, arsenic new confirmed cases of the COVID-19 illness continued to ascending globally, which could moderate to more stimulus measures in support of economy.
Regular new coronavirus infections globally rose by most 163,000 on Tuesday. As of June 24th, globose official cases have exceeded 9.369 million, while the destruction toll has surpassed 480,000.
US states such as Texas, Arizona and NV reported record COVID-19 infections for a second week, patc other 10 states saw new infections rising. At the same time, the decease toll in Latin America reportedly exceeded 100,000 on Tuesday.
"The fears of moment waving cases peculiarly in the U.S., and also in Latin America is driving concerns about sustained impuissance in the economic recovery and that's certainly supporting safe-harbour assets like gilt," ANZ analyst Daniel Hynes said.
"Continued accompaniment that central banks are equiprobable to provide to the market with bond purchasing programs and monetary easing will clear donjon the rates low for the foreseeable future."
Central bank stimulation measures tend to support Gold, as the alpha-beta brass is largely well-advised as a evade against inflation. Gold has surged almost 22% since its 2022 low registered in mid-March on.
As of 9:34 GMT on Wednesday Spot Gold was gaining 0.50% to trade at $1,776.52 per troy ounce, after earlier affecting an intraday high of $1,777.41, or a toll level not seen since Oct 9th 2012 ($1,779.82). Meantime, Au futures for delivery in August were gaining 0.60% on the day to trade at $1,792.75 per troy ounce, while Silver futures for delivery in July were upward 0.06% to trade at $18.073 per apothecaries' ounce.
The US Dollar Index finger, which reflects the relative strength of the greenback against a basket of six other major currencies, was inching up 0.07% on Wed to 96.75, attempting a rebound from yesterday's two-week low of 96.39.
Today Gold traders will be thoughtful to some policy- or economic outlook-related remarks by two Fed officials. At 16:30 GMT Federal Reserve Prexy for Chicago Charles Arthur Evans is foreseen to take part in Corridor Business Journal Mid-Year System Review virtual presentation, piece at 19:00 GMT Federal President for St. Louis James Bullard is scheduled to speak on "COVID-19 and the Economy" in front the Greater Louisville Inc. – The Metro Chamber of Commerce via webcast.
Interim, near-term investor rate of interest expectations were without change. Reported to CME's FedWatch Tool, as of June 24th, investors adage a 100.0% chance of the Federal Reserve keeping borrowing costs at the current 0%-0.25% level at its policy meeting on July 28th-29th, or unchanged compared to June 23rd.
Daily Swivel Levels (traditional method of calculation)
Central Pivot – $1,762.08
R1 – $1,776.59
R2 – $1,785.45
R3 – $1,799.96
R4 – $1,814.47
S1 – $1,753.21
S2 – $1,738.70
S3 – $1,729.83
S4 – $1,720.97
Author: Miroslav Marinoff, a news editor at TradingPedia, is engaged with observing and reporting on the tendencies in the Foreign Exchange Market and the US Stock certificate Market.
Source: https://www.tradingpedia.com/2020/06/24/commodity-market-gold-hits-highs-unseen-since-october-2012-as-concerns-over-second-covid-19-wave-support-demand/
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