31.03.2020 Gold Daily Analysis

31.03.2020 Gold Daily Analysis

Today Gold is trading at $1,611 (-1.99%). On Monday, Russia announced that they will seize to buy gold on the 1st of April. This announcement comes after years of purchasing large quantities of gold and they did not explain why they are making this movie. However, Russian analysts claim that the Central Bank of Russia has a large amount of gold in its reserves and plan to start selling to international investors due to the height of the demand because of it being viewed as a safe-haven by many investors. Many central banks, governments, and businesses rely on gold as a stable investment. The demand of gold has been increasing because of how the USD has been suffering due to the pandemic (although the past two days it has been recovering).