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Gold lost the major share of its positions after sharply growing recently. Therefore, experts are worried that the negative trend will continue, believing that the protective asset will have a difficult path towards high rates.
The instability in the world market is an important factor that supports this precious metal. So, gold loses in value when the situation normalizes. This is what is happening right now. The driver for the gold's weakening was the gradual stabilization on the economic and political fronts in the United States. On the other hand, events such as the high probability of effective vaccines against COVID-19 and the decision of the Donald Trump administration to start the process of transferring power to the new head of the White House Mr. Biden, calms the market.
Currently, the yellow metal collapsed to the lowest level recorded four months ago. It declined by 2.07% to $ 1799 per troy ounce yesterday. Experts emphasize that the last time this indicator fell below $1800 was in mid-July 2020. Today, the indicated currency tried to catch up, making small attempts which fairly succeeded: gold is now trading near $1803 an ounce, trying to further rise.
In the last month of summer, gold inspired the market by surging to a record high of $2,075 per 1 ounce. Over the next three and a half months, its price consolidated in the range of $1,850 - $2,000. Investors continued to invest in the indicated metal, but this was prevented by news about the possible introduction of effective COVID-19 vaccines developed by Pfizer, Moderna and AstraZeneca. In view of relative normalization of the situation, the market calmed down, which led to an outflow of capital from exchange-traded ETFs focused on gold. Last month, experts from the World Gold Council announced a decline in global demand for the precious metal, confirming the general trend of declining interest in gold.
Experts believe that gold's massive outflow from the market is caused by investors' declining expectations regarding the fiscal stimulus from the Fed. At the same time, it seems that this metal loses its hedging function. Analysts have observed that gold rises and falls like securities, instead of rising on declines in the stock market. Therefore, they find it difficult to answer how long this behavior of the precious metal will last.
Nevertheless, they are confident that gold will rise again in the short and medium term. The impulse for this growth will be the current uncertainty in the global market, which contributes to the active interest of investors. A lot of them prefer to invest in a time-tested asset, since it continues to be brighter.
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