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Gold Close to Session Lows Around $1805

Adel 16 July, 2020 2:09 pm Commodities, Forex Market, Market Update

The yellow metal saw modest declines on Thursday and snapped the rally in 3 days. Gold fell during the European session and reached new daily lows around $ 1805-04 in the last hour. The metal failed to take advantage of this week’s rebound from the support area of ​​1790 and optimism about the Covid-19 vaccine seen as one of the main factors driving demand for safe haven.

Gold had faced more pressure due to reports that the President of US, Donald Trump, would not impose more sanctions on Chinese officials because of the Hong Kong security law.

Investors are now awaiting US data due later in the day, including monthly retail sales, the Fed Manufacturing Index, and preliminary weekly jobless claims.

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