Gold is Back on The Bullish Track Again

Gold fell in Monday morning trading in Asia but settled after hitting its lowest level in nearly two weeks. However, concerns about high numbers of COVID-19 cases in Europe helped limit some losses in gold.

While gold futures were down 0.26% at $1,846.80. The dollar, which usually moves in reverse with gold, rose on Monday but fell from its record high on Friday.

Policymakers from the US Federal Reserve continue to openly debate whether they should accelerate the pace of tightening and reducing purchases. Fed Vice Chairman Richard Clarida, Governor Christopher Waller and St. Louis Fed President James Bullard have also hinted that speeding up the process may be on the agenda at the central bank’s next meeting in December.

Across the Atlantic, increasing numbers of COVID-19 cases in Europe forced Austria to full lockdown on Monday. Neighboring Germany is also looking to tighten restrictions.