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The yellow metal has seen plenty of volatility this week. Price initially broke out to fresh all-time highs before reversing to end the week a little off those highs, as of writing.
The main catalyst behind the continued rise in gold prices has been the consistent sell-off in the US dollar. The currency has remained under pressure this week. The July FOMC meeting midweek, saw the Fed holding monetary policy unchanged.
However, the tone of the meeting was expectedly dovish. The Fed highlighted the ongoing uncertainty around the COVID-19 pandemic and its willingness to ease further if necessary.
Ahead of the meeting, the Fed adjusted the timeframe on some of its lending operations. This further highlighted the severity of the current downturn.
Away from the COVID-19 backdrop, ongoing tensions between the US and China have also provided a platform for continued safe-haven demand for gold. While there have been no new developments in that space, the market remains wary. A sporadic upt...
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