Gold regained its safe haven appeal with renewed investment demand, strategists at ANZ Research inform. XAU/USD is trading at 1607.32.
Key quotes
“The softer US dollar supported prices, rallying more than 3% and returning back to USD1600/oz level.”
“Expanding central bank balance sheets and easy money are a boon for the yellow metal.”
“With many countries going into lockdowns, the movement of gold will be restricted and this led gold futures premium to rise. Halts in airline services will also impact the movement of gold shipments, this is keeping the premium higher.”
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