Gold Rises 1% As Dollar Weakens After ECB Stands Pat On Policy

Melek said the recovery was not happening as quickly as would be liked, adding that “there are concerns about a second wave of virus, commodity markets like oil are indicating that perhaps growth is slowing down and all monetary policy will be easing.”

The safe-haven metal has risen more than 29% this year on the back of unparalleled stimulus and near-zero interest rates from the global central banks.

Investors now turn their attention to the U.S. Federal Reserve’s policy meeting on Sept. 15-16.

“Gold has maintained the 50-day moving average quite well and unless it falls below the August low ($1,863.67), it will remain supported,” said Michael Hewson, chief market analyst at CMC Markets UK.