Gold prices are trying to recover from the lowest level in 6 weeks

Mohammed Abdelkhalik
November 10, 2020

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Gold Prices Outlook – 1oth November 2020

Gold prices rose in the European market on Tuesday, as part of attempts to recover from the lowest level in six weeks recorded earlier in yesterday’s commodities trading.

The price of gold rose 1.4% to $1,890.37, from today’s opening level of $1,863.76, and reached the lowest level at $1,860.17.

The gold ended yesterday’s trading, down by 4.6%, in the first loss within the last three days, and by the largest daily loss since August 11.

Due to the acceleration of the sale of safe-haven assets, after positive news about one of the vaccines that are strongly recommended to prevent Coronavirus.

Chart of XAUUSD - Gold Prices - 11th November 2020

The  American pharmaceutical company Pfizer and the German BioNTech  company said on Monday that their Coronavirus vaccine was more than 90% effective in preventing infection, according to recent data from the final phase trials.

The price of Gold fall after the USD rising

The dollar index rose on Tuesday by more than 0.1%, to continue its gains for the second day in a row which reflects on gold prices.

This rise in the US dollar level, thanks to the remarkable activity of buying the US currency as the best alternative investment.

In light of mounting concerns about the judicial dispute over the presidential elections in the United States, with the determination of the current president, “Donald Trump” not to admit defeat and resort to the courts to recount votes In some states close in results with the election winner, “Joe Biden.”

Gold holdings of the SPDR Gold Trust, the largest global index fund backed by gold, fell yesterday by about 10.51 metric tons.

Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.