Gold is rising again today, approaching $1900 an ounce during the European session. Prices have fallen strongly from their highest levels for three weeks on the back of a rising of US dollar. The yellow metal’s lowest point in this period has been $1880 an ounce.
The US dollar has struggled to consolidate its gains as hopes of a new round of fiscal stimulus measures have been dashed and political uncertainty has increased ahead of the presidential election. This comes on the back of the setback in the development of a vaccine for Covid-19 and a softer tone surrounding US Treasury bond yields, leading to more flows towards lower-yielding gold.