For the first time the trend of the gold futures index was not affected by stock market sentiment during the COVID-19 pandemic.
On the other hand, gold currently tends to be influenced by the level of real yields (real yield) of the bond market, especially US bonds aka US Treasury 10-year tenor.
When the real yield of bonds continues to move down will make the price of gold more attractive. The hunt for safe haven assets like gold will not stop until the certainty of the COVID-19 vaccine is final.
One thing that might hold back the pace of the gold increase is US unemployment data which shows a positive decline amid the threat of economic recession.
Author: Andri Darmawan (R&D)
Note: This paper is only an analysis and not as a definite reference. Keep in mind the development of fundamental and technical aspects of transactions and investment decisions.