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forex metals

Gold

The yellow metal has been back under pressure this week.

Following a heavy sell-off on Tuesday, from which the market has attempted to recover, gold ends the week in the red as of writing.

The rally in equities over the week has weighed on gold prices. Risk assets have been boosted by the view that further central bank easing is growing closer as concerns over the second wave of COVID continue to flourish.

Gold prices were hit earlier in the week by news that Trump has called off negotiations over a further fiscal support package. Democrats and Republicans have been trying to hammer out a new fiscal deal over recent weeks.

However, Trump announced this week that he will be postponing talks until after the elections.

Republicans had been looking for a $1.6 trillion deal while Democrats were looking for a larger $2.4 trillion package.

Trump reassured markets that he intends to pass a major new stimulus bill should he win.

Weakness in the US dollar into the back end of the week has a...


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