Covid resurgence has contributed to the risk-averse sentiment seen in the gold market, which is now trading just over $1,840 in an effort to bounce back from an eight-day low of $1,839.
In the midst of winter’s onset, investors’ spirits are dampened by fears of another European lockdown owing to a coronavirus outbreak. Gold’s price fell by around 0.7% on Friday, dropping from a high of $1,865.83 to a low of $1843.09.
Meanwhile, the US dollar gained strength as Austria said it would be the first Western European nation to reimpose a complete shutdown, and Germany hinted it would do so as well, driving the euro lower.
