Gold prices steadied on Wednesday to hold firm above the psychological level of $1,800, as worries over surging coronavirus cases and simmering U.S.-China tensions cemented demand for the safe-haven metal.
FILE PHOTO: An employee weighs a 1kg gold bar at AGR in Entebbe, Uganda, October 4, 2018. REUTERS/Baz Ratner/File photo
“Demand appears firm for gold on any dips to the $1,800 regions for now, with investors hedging COVID-19 risks, especially after the renewed lockdown in California,” said Jeffrey Halley, a senior market analyst at OANDA. Federal Reserve officials warned that the U.S. economy faces a longer recovery from the pandemic, and economic pain could still worsen as cases surge across the country, leading many states to temporarily halt the reopening of their economies.
The resultant boost to safe-haven demand helped gold maintain its positive trajectory despite a strong rally in U.S. stocks overnight.
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