Gold rises on dollar weakness and safe haven inflows.
Gold rising today as the result of the weaker dollar and lower U.S. Treasury yields, while investors awaited a U.S. Federal Reserve policy meeting next week. The Fed’s next meeting will end on April 28 -investors will be paying close attention to any comments on possible scaling back of monetary easing in the future. The upcoming rise in inflation in April-May 2021 will most likely keep gold prices supported in the near term. The other factor adding to the bullish pressure on gold is the constant rise in the coronavirus cases in India and the Asia. India reported the world’s highest daily number of coronavirus infections for a second day on Friday, surpassing 330,000 new cases – raising worries about the sustainability of the economic recovery in the region.
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Next resistance to watch – 1816.00
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