Gold Cuts Losses On Escalating Covid-19 Worries In Europe

Published on Oct 23, 2020 11:42

COMEX Gold futures fell more than 1% in intraday moves yesterday as a slide from one and half week highs extended. However, the metal cut losses in US trades after DOW edged up on hopes that the economy is set to get a fiscal boost in the near term. The Covid-19 scenario in Europe remains threatening. After around a week after curfews came into effect in greater Paris and eight other metropolitan areas, French Prime Minister Jean Castex announced new measures to curb the spread of coronavirus as cases rise across the country. France recorded 41,622 new Covid-19 cases over the past 24 hours, a new daily record. This is keeping buyers active in Gold at lower end even as upside remains limited on tepid Indian retail demand. Gold currently trades flat at $1905 per ounce.