Gold Price Breaths A Little

The gold price rallied upwards to USD 1640 per ounce on Friday. This was fueled by multiple reasons such as the Fed's unlimited bond purchases and a production halt in the world three largest gold refineries as India, the 2nd largest gold consuming market, is closed for business. And of course the looming concerns of coronavirus. Optimism was apparent in global stock markets. The US White House and Democrats reportedly agreed on an incentive package. In a statement, the US President Trump expects the economy to be restored by April 12th thereby enabling people returning to jobs as soon as possible. However, as US stock markets became life water, the news flows will be closely monitored in the next period with gold also determining its course.