GOLD FLASHES GREEN AMID SPIKE IN U.S COVID -19 CASES: 17 JUNE |FOREX RECOMMENDATIONS

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Gold is trading flat to positive at 1727.63, up by 0.09% as the U.S sees spike in the number of coronavirus cases in some of its states. Texas saw the highest rise with more than 4000 cases while California stood at 3000 daily cases. Florida and Arizona both registered more than 2000 cases each.

However, the gains in bullion remain limited over the news of new steroid drug Dexamethasone that has shown positive effects on the severe coronavirus patients in the U.K and is proven to be the first drug to save lives.

Talking about the previous session, gold initially reached its intraday high of 1732.86 on the back of rising concerns over the second wave of the coronavirus as cases rose across the world. Furthermore, Powell in his testimony reiterated that the path to economic recovery will take a long time as the employment and output levels are far below the pre-epidemic levels.

Later in the American Session, the bullion lost most of its safe-haven bids to broad-based strength in the US Dollar and on the hopes of a new drug Dexamethasone that could help in the treatment of coronavirus. The U.S Retail data came out far better at 17.7% against the consensus of 7.9%, putting additional pressure on the precious metal.

As a result, XAUUSD settled the day marginally higher by 0.05% at 1725.52.

On the data front, the investors will keep a close eye on the U.S Building Permits data and the testimony of Powell before the House Financial Services Committee scheduled for later in the day to determine the direction of gold.

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