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Gold Steady, Risk-off Sentiment Supports

Gold is trading mostly unchanged early on Wednesday as a stronger dollar offset the safe haven demand in the wake of worsening risk sentiment due to the coronavirus pandemic. At the time of writing GOLD is trading at a little above $1,929.

Equity markets in the US fell lower during the previous session, giving gold a boost. However, gains in the yellow metal remain limited as the sentiment strengthened the US dollar as well.

Gold is also trading cautious in anticipation of the ECB policy decision due later today. While economists have forecast no change in the monetary policy, the central bank could potentially announce measures to stern the Euro’s recent strengthening against the dollar, which could support the precious metal prices.

The safe haven appeal of gold also enjoys support from Brexit-related uncertainties which have resurfaced after Britain hinted at the possibility of no-deal Brexit scenario once again. The British government is all set to publish a new legislation that could override the Withdrawal Agreement and even break international law to some extent, raising tensions between the EU and Britain in the midst of their negotiations towards a trade deal.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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