U.S. gold futures were up 0.7% at $1,963.60 per ounce. Gold is being propped up by the weaker dollar, but prices are likely to remain "in a lateral range between $1860 and $2000," said ActivTrades chief analyst Carlo Alberto De Casa. U.S. weekly jobless claims report on Thursday showed a smaller-then expected decline in new claims, weighing on the dollar and bolstering the appeal of gold as an investment alternative.
Gold as well as silver and platinum have seen renewed weakness following yesterday’s FOMC meeting. While the Fed has promised rock-bottom rates for longer than three years, the across market reaction with lower stocks and a stronger dollar, have raised some concerns that the Fed has lost its element of surprise with a tool box looking increasingly empty. With the inflation focus taking a break, the short-term direction is likely to be dictated by movements in US megacap stocks and the dollar.
Unprecedented stimulus has led some countries to focus on a green recovery with more renewables and lower emission vehicles. One policy response to the COVID-19 pandemic has been a determination to use fiscal stimulus to ...The post Green Metals See A Boost on COVID-19 Response appeared first on Emerging Market Views.