FX.co ★ Gold Holds Steady In Cautious Trade

Gold Holds Steady In Cautious Trade

Gold held steady on Wednesday as the dollar inched higher after falling overnight along with U.S. Treasury yields.

Spot gold was little changed at $1,855.70 per ounce, while U.S. gold futures were up 0.6 percent at $1,855.90.

As the dollar attempts a bounce, the precious metal is finding some support from rising coronavirus cases worldwide, a slower-than-hoped vaccine rollout and political uncertainty in Washington ahead of impeachment vote.

Amid concerns about the spread of a new more transmissible variant of the coronavirus, Germany's tough anti-Covid measures are likely to last a further eight to 10 weeks. The Netherlands has extended its Covid-19 restrictions by three weeks, to February 9.

The United States reported its highest daily death toll from covid-19 on Tuesday as lawmakers vote to impeach Trump.

Global infections have soared past 91 million, and the spikes have forced several Asian and European countries to enforce stricter restrictions to curb the spread of the virus.

A Chinese province of more than 37 million declared an "emergency state" today to snuff out a handful of Covid-19 cases.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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