24.06.2020 Gold Daily Analysis

24.06.2020 Gold Daily Analysis

Gold today is trading at $1.793.20, it is trading higher with $11.20 mainly because the US Treasury Secretary Steven Mnuchin said on June 23 that the next stimulus bill will focus majorly on getting people back to work rapidly. He also said that he would consider a further delay of the tax filing deadline. Gold always seems to benefit from stimulus measures from the various central banks since it is widely seen as a hedge against currency debasement and inflation. A weaker US dollar also helped gold to rise to these highs. The dollar index moved near a more than one-week hit in the previous session. Investors and investment demand for gold keep increasing. The world’s largest gold-backed ETF or exchange-traded fund, SPDR Gold Trust, confirmed that its holdings increased 0.28% to 1,169.25 tonnes on June 23.