Gold rises on safe-haven inflows.
Gold continues to rise today – largely under the effect of the safe-haven demand from the investors worried about the continued spread of the virus across Asia. Asian markets were subdued today, pressured by the fallout from rising Delta coronavirus variant cases in several countries in the region. The on-going COVID disruption over Asian and the global economies means it is more likely that central banks will continue to provide stimulus, which ultimately leads to higher inflation and higher gold prices in the long term (with the gold serving as the hedge against the rising inflation). The markets will be looking at Michigan Consumer Sentiment Index later today for clues on the direction of gold prices.
Expect sellers on upward corrections.
Next resistance to watch – 1765,00
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