Gold to thank further stimulus from central banks – ANZ

Gold consolidates in a familiar range around $1770 as investors will be listening today to US Fed Chair Powell for insights into future monetary policy amid the fresh outbreak of coronavirus cases, per ANZ Bank.

Key quotes

“Gold was steady, with prices trading just below $1,800/oz as safe-haven assets remain in demand amid the rising infections of COVID-19. Cases have exceeded 10 million worldwide, with an acceleration in America, Brazil and India. This is raising expectations of further stimulus measures from central banks.”

“Insight into the US Fed’s outlook may be revealed this week, with Chairman Jerome Powell and US Treasury Secretary Steven Mnuchin testifying before the House Financial Services Committee.”

“Investors continue to pile into the physical market. Exchange traded funds are on track for their 14th week of net inflows, according to Bloomberg data.”

 



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