Gold Falls Well Under $1900 Per Ounce

September 23,2020

Gold was unable to see much buying after the massive destruction seen on Monday. The US stocks tried to recover after the beating on Monday. Federal Reserve Chair Jerome Powell has said that the US economy has a long way to go before fully recovering from the coronavirus pandemic and will need further support. Fed has not explicitly announced fresh liquidity boosting measures in last few days despite talking repeatedly about the stress in economy. This is pulling Gold lower now as the US dollar index has surged above 94 mark to hit a two month high of 94.30. Gold is quoting around six week low now and traders are little anxious now after the heavy correction as worries over retail gold buying continue to weigh. COMEX Gold is down 1.50% at $1898 per ounce.

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