In the meeting, Sheikh Abdullah Bin Zayed stressed on peace based on 'two-state solution' for Israel and Palestine
Gary Wagner, analyst at Kitco, said a possible explanation for this spread that is widening is the expectation that the coronavirus in the United States will get worse before it gets better."On a technical basis gold has formed an inverse head and shoulders formation with Tuesday's move in gold futures breaking strongly above the shoulders indicating higher pricing ahead. The rally in gold futures could move as high as $1800 in the next two weeks."
In India, gold traded at Rs 45,724 per 10 gm on MCX even as silver too was on strong wicket. On Multi-Commodity Exchange (MCX), gold prices for June was trading Rs 1515 (3.47 per cent) higher at Rs 45,237 per 10 gm in the morning compared with earlier session.
Angel Broking Deputy Vice President Anuj Gupta said that the high gold price was expected to continue on a high due to investors interest in precious metals in view of economic uncertainties.
Market experts said gold prices could touch 2,000 dollars. In Indian market, it could go up to Rs 50,000 per gm in the futures market.
The precious metal is in demand, with JPMorgan Chase & Co.'s Jamie Dimon saying the pandemic will lead to a severe downturn. Its jump came even as risk assets including equities posted gains on signs the outbreak is leveling off.
"With the Federal Reserve moving its policy rate to the lower bound and turning to unlimited quantitative easing, and other banks taking similar action, we expect real rates to remain in negative territory as nominal yields are suppressed. This raises the incentive to hold gold, particularly in such an uncertain economic environment," they said.
Two significant elements capping gold's gains going forward will be the dollar and more margin-call selling as people flock to cash during the coronavirus panic.
"Diverging activity in physical gold is disrupting the spot market," Michael McCarthy, chief market strategist at CMC Markets Asia Pacific, said. "Huge US demand for physical contrasts with European selling. This is particularly impacting futures contracts that are deliverable, and is the cause of recent widening of bid/offer spreads in spot gold."
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