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After nosediving to 1.2401 level in the previous trading session, Sterling found some support in the early Asian hours on Friday, courtesy to the release of better than expected UK macro data. The GfK Consumer Confidence statistics came at -30 vs -36 forecasted. As of now, the cable is trading marginally higher by 0.04% at 1.2432. On Thursday, the pair came under intense selling pressure and registered a massive plunge of 165 pips. This was after the BOE intensified its response to counter the slowdown from the COVID-19 by announcing a 100 billion pound increase in its bond-buying program, while keeping its benchmark interest rates at 0.1%. Further, the BOE Governor, Andrew Bailey stated that the unemployment in Britain remains elevated, despite good rebound in the economy after ease in the lockdown restrictions. Besides, the greenback continued to attract the safe-haven bids as increasing concerns of the second wave of coronavirus across the globe, had directed investors to pr

The bullion is trading in the positive territory as an increase in the number of coronavirus cases in China and the U.S dents the path of economic recovery. China reported 21 new cases in Beijing on Wednesday while some states in the U.S have seen a sudden spike in cases. California reported its highest jump in the number of daily cases till data to more than 4000 cases and Texas reported more than 3500 cases on Wednesday, thus raising concerns for the second wave of COVID -19. As of now, gold is trading at 1727.62, up by 0.09% Talking about the previous session, the bullion faced two way price action but finally settled the day unchanged at 1725.79. Initially, the bullion reached its intraday low of 1713.06 on the back of broad-based strength in the U.S dollar and the hopes of a new drug that proved effective on the severely ill patient of COVID -19. However, XAUUSD in the end, wiped out all its intraday losses after investors grew worried about the second wave of coronavirus