Gold Slips as Dollar Gains
Gold on slips more than 1.50% and break 4 weeks low on Wednesday mainly due to increased uncertainty about rising COVID-19 cases in Europe and U.S. presidential elections to be held on 3 November 2020. Spot Gold has fallen by 1.75% to $1870.80 per ounce. There are still so much concern and uncertainty related to COVID-19 and the possibilities of renewed lockdowns in Europe has send a panic wave across the markets. In response to this Dollar is gaining attention and stock markets along with Gold are looking under pressure. On downside gold spot has support at $1848 level, if this level is broken the we may see panic selling up to $1805 levels. On the contrary safe-haven dollar surge by almost 0.8% whereas all major stock market indices are down by more than 1.50%. Gold is considered a hedge against inflation and currency debasement and has appreciated by more than 23% in this year and made a life time high of $2074.88 per ounce. Sandesh Nandode, Forex and Crypto Analyst. Publ