Gold: Central banks are fuelling the yellow metal – ANZ

Gold opened on a softer note, while the approval of the US package gave a fresh boost to the market, strategists at ANZ Bank apprise.

Key quotes

“Record high jobless claims favoured safe haven buying while lockdowns and flight cancellation are interrupting the physical availability of gold.”

“Investors have exited their open positions in Comex, which has led the gold futures premium over the spot to level off.”

“The ongoing unprecedented support measures from the various central banks are fuelling gold prices.”