GOLD REMAINS AFLOAT AMID RISING COVID-19 CASES: 18 JUNE |FOREX RECOMMENDATIONS
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