24.03.2020 Gold Daily Analysis

24.03.2020 Gold Daily Analysis

Today gold is trading at $1,631.30 (+4.17%), this is the second day in a row that gold has been going up as the USD has been falling. Gold is a dollar-denominated commodity so when the dollar becomes weaker, demand for gold tends to rise. This is the highest in about two weeks since the 12th of March. Analysts have said that the Fed`s unlimited quantitative easing means an unlimited surge in the price of gold as this will be making the USD weaker. OANDA’s Edward Moya said,“The U.S. Senate setback seems only temporary and gold traders are feeling pretty confident that at the end of the week, the massive fiscal and monetary stimulus should help calm markets. If market volatility stabilizes somewhat, gold will resume its safe-haven status.”