Gold moving in tune with risky assets, COMEX futures hold above $1800 mark

July 10,2020

Gold continues to move in tandem with risky assets. The metal eased a bit after recording nine year high near $1830 per ounce. Gold has rallied impressively this week due to nagging unease over the outlook for the global economy in the midst of rising US coronavirus infections. Investors' are concerned that a resurgence of coronavirus cases, specifically across the Southeast and Southwest of the US—known as the Sun Belt—will make a quick global recovery more difficult. A lockdown in Australia's city of Melbourne has also raised concerns. Gold has also found the clear break above the critical $1800 per ounce mark comforting. The metal currently trades at $1812 per ounce, up 0.48% on the day.

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