Jakarta – On Friday (20/8), the spot gold price is expected to trade in a consolidation range of US$1,770-US$1,795 per troy ounce.

"It's possible that gold could stabilize today in the region of US$1,770-US$1,795 per troy ounce, after failing to penetrate the support of US$1770 per troy ounce yesterday," said Commodity Observer Ariston Tjendra in Jakarta.

According to Ariston, today's tapering sentiment will continue to overshadow the gold price movement, putting further pressure on gold prices, while concerns about COVID-19 helped moderate the decrease.