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Gold upward momentum surges again on gloomy EU outlook

If you’ve been heeding our advice to buy now, you’ll likely be feeling pretty pleased that you did this afternoon as gold has surged once again in the face of additional EU stimulus measures.

The European Central Bank confirmed yesterday (Thursday) that it would up its package of stimulus measures to €1,350 billion after projections indicated an 8.7% contraction in economic growth in the bloc for 2020.

After news of the additional €600 billion, gold traded up by almost 1%, reaching $1,720.

Christine Lagarde, the European Central Bank president said, “Incoming information confirms that the Euro area economy is experiencing an unprecedented contraction. While survey data and real-time indicators for economic activity have shown some signs of a bottoming out alongside the gradual easing of the containment measures, the improvement has so far been tepid compared with the speed at which the indicators plummeted in the preceding two months.”

The bank’s longer-term forecast is positive as it expects to see the economy recover 5.2% next year and 3.3% in 2022. This is still good news for gold as inflation and negative interest rates will continue to support higher prices for the precious metal.

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