17.04.2020 Gold Daily Analysis

17.04.2020 Gold Daily Analysis

Today Gold is trading $1,713 (-1.04%) as the precious metal loses some of its gains due to talks of reopening the US economy. US President Donald Trump, in a press conference on Thursday, spoke about a three-phase process to re-open the US economy. He said,  “America wants to be open, and Americans want to be open. We must have a working economy, and we want to get it back very, very quickly.” In the past weeks, gold has been gaining due to its safe-haven status. Whenever there is uncertainty in the world, investors always look for security in gold hence it is viewed as a safe haven. Analysts have said that due to the impact of the coronavirus on the global economy, we should see the price of gold go up to $2,000. David Meger, director of metals trading at High Ridge Futures said, “With the talk of how governments are going to reopen economies, both equities and gold seem to be focused on moving past the peak of the pandemic. So from the perspective that there are some brighter skies ahead we’re seeing some pullback.”