Gold jumped to fresh multi-year tops, with bulls now eyeing a move towards the ambitious $1800/ounce target.
Following a brief consolidation through the Asian session on Wednesday, the commodity regained some positive traction and added credence to the overnight breakthrough a one-week-old trading range. Worries about the second wave of coronavirus infections turned out to be one of the key factors that continued benefitting the safe-haven precious metal.
Investors remain concerned that renewed lockdown measures to contain the outbreak would delay the economic recovery and force major central banks to announce additional stimulus measures to support the market. This, in turn, provided an additional boost to the non-yielding yellow metal and remained supportive of the ongoing positive momentum.