Gold rises on safe-haven inflows.
Gold under the bullish pressure today on safe-haven appeal as markets are starting to focus more on the spread of the Delta variant of the Covid019 virus, which has been practically absent from markets radar over the last few weeks – due to the positive effects of the mass vaccination in the developed world. Now this is clearly changing. Rising cases of the Delta variant have prompted France to delay the easing of restrictions in the Landes region and infections have also surged in Asia. If the rise of the variant forces authorities to introduce new lockdowns, especially in Europe and the United States, that would be a very bullish signal for the gold. Also on investors’ radar is Friday’s U.S. nonfarm payrolls data that could provide additional clues on timeline for Fed’s shift in monetary policy – also crucial for gold prices
Expect buyers on downward corrections.
Next resistance to watch – 1795.6918
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