GOLD BRINGS IN SAFE HAVEN BIDS ON FEARS OF SECOND WAVE OF CORONAVIRUS: 16 JUNE |FOREX RECOMMENDATIONS
Gold is flashing in green as the fears of the second wave of coronavirus looms over the countries. The number of cases around the globe has started to increase again after China saw a fresh wave of cases in Beijing on Sunday. The U.S faces the same problem as the number of hospitalizations increased in California and Texas, both registering more than 2000 cases each while Florida and Arizona reported more than 1000 cases each. As of now, the bullion is trading at 1727.89, up by 0.20%. Talking about the previous session, the bullion touched its three days low at 1704.30 as equity markets surged after an overnight statement by the Fed. The Fed assured a continuous supply of credit to the corporations and has also removed some restrictions to bring in more potential loan seekers. Fed's also announced to buy up to $750 billion in corporate bonds. However, the bullion managed to shrug off some of its losses on the back of spike in the number of global COVID -19 cases. As a result