At the time of writing, gold was holding on above $1,800 an ounce with August Comex gold futures trading at $1,808.30, up 0.25% on the day. After a brief dip below $1800 an ounce on Thursday, the yellow metal has once again bounced back up and is now targeting the 2011 record-highs in USD-terms. The COVID-19 pandemic continues to devastate the global economy. The 60,000 new cases on Thursday in the united states which is a new daily record high would seriously impact the reopening phase of the global economy and we could see prolonged lockdown in other countries based on the U.S. experience. Going forward we do not see any prolonged correction in the precious metal sector as the general situation is clearly bullish for gold and silver. Aggressive monetary policy easing, ultra-low interest rates, negative U.S. real yields, fiscal stimulus, subdued U.S. real yields, stubborn risk aversion, and the technical outlook all are supporting gold prices at the moment.