Analyst: “Overall gold is clearly performing its safe haven asset role in a market where volatility remains high and the next bear movement for stocks could be just around the corner if the virus comes back with a second wave.”
It is now the equivalent of more than 31% of the size of the U.S. economy at the end of the first quarter.
OANDA Analyst: “The virus is far from over, but the wave of positive news had taken some air out of gold’s wings.”
Analyst: “The U.S. Federal Reserve left interest rates unchanged and it should stay there for sometime. Going forward, the unprecedented monetary stimulus provided by the European Central Bank and the Fed is likely to increase demand for gold.”
Fed statement: “The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.”
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