Gold has welcomed mid-June with fresh gains, even though Wall Street has also rallied thanks to revelations that an existing steroid has been used to successfully treat coronavirus patients. That, coupled with another injection of liquidity by the Federal Reserve, has seen confidence return to Wall Street after a couple of dismal days last week, but has done nothing to dull the appeal of gold.
The precious metal was solidly up in trading yesterday (Tuesday), reaching $1,736.60. We could also see trading getting another boost in the very near future, as it is thought that more government support is on its way, including a $1 billion infrastructure project. Other nations have signalled their willingness to continue to inject stimulus too, including Japan which said this week it will begin to buy corporate bonds to aid its shattered economy.