Markets take a beating while gold gets a boost

Markets across the globe have taken a beating this week as renewed fears of a second wave of coronavirus and dimming optimism dampen hopes for a V-shaped recovery from the pandemic. Gold is withstanding these turbulent times, with nations like Russia boosting their gold stockpiles. Meanwhile, the demand for oil has slumped in recent months and prices have fallen again amid fears that a second wave of Covid-19 could once again halt economic activity. With oil moving higher in recent weeks, some producers have begun to reopen the taps, which could send prices even lower. Energy companies are already dealing with a significant oil supply and hardly any demand, even as economies reopen.

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