What was largely attributed by many analysts as short covering during the last trading day of the quarter and market participants buying the dip. Gold futures gained $22.60, with the most active April 2021 contract currently fixed at $1708.60.

There is a dichotomy between the optimism expressed by market participants that the pandemic and recession have run their course and we will soon return to a new normal, versus the reality of the recent uptick in new Covid cases across the United States.

Gold, both spot and futures, traded significantly lower today in active trading. Gold futures basis the most active April 2021 Comex contract gave up $22.30 and is currently fixed at $1710.00.