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The gold market has come under pressure again this week amidst the ongoing rally in equities.
Risk markets appear to have shrugged off the civil unrest taking place across the US, as Black Lives Matter protests continue into their ninth night.
To some extent, the unrest has provided a distraction from the US/China tensions which had been increasing before the outbreak of the protests. For now, Trump appears to be too concerned with dealing with the continuing protests and riots to further exacerbate tensions with China.
The ongoing economic recovery underway as global COVID-19 lockdowns ease has been given further support this week from the ECB.
The central bank announced that it will almost double its stimulus package by adding a further 600 billion euros worth of QE, taking the total to 1.3 trillion euros. This latest wave of easing has further helped support gold prices as money markets continue to push out pricing for any renewed tightening.
Gold Price Sitting Off Highs
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