Gold fell to a six-week low. Economists at Commerzbank believe that the yellow metal could remain under pressure for the time being.

Weak demand in the key market of India

“Market participants are likely to proceed with caution, especially given that Swiss Gold exports will probably confirm weak demand in the key market of India.” 

“Even though gold exports to China may prove more robust – either due to coronavirus restrictions being lifted, inventories being replenished ahead of the New Year festivities or the central bank making further purchases – we see potential for setbacks if anything on the Gold market in the short term.”