Gold inches higher with stock markets rallying

24.08.2020 - Petr Mazaylo
Gold inches higher with stock markets rallying

Friday saw Gold Futures gaining 0.03% upon trading within a short-term consolidation that had followed the metal’s plunge below $2,000. The safe-haven asset had actually reversed lower on August 7th, a more optimistic turnout compared to the previous forecast with the release Nonfarm Payrolls alongside other factors. Last Tuesday, the upward correction reached a high of $2,024.60.

Just this morning, gold went up by 0.61%, as it was inline with Friday session’s daily high. In general, all the precious metals are trading higher early today, with silver having gained 0.89% after its loss of 1.53% on Friday and Platinum at 2.5% after a loss of 0.09%. Only Palladium differed with a loss of 0.30% on Friday and 0.13% lower today.

Friday releases of the U.S. Flash Manufacturing PMI/ Flash Services PMI had been positive as opposed to earlier forecasts. Stocks extended rallies while global financial markets went risk-on.

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