Gold Prices Extend Higher as Yields Fall, ECB Meeting in Focus of clients are net short. Long News of clients are net short. Long News GOLD PRICE OUTLOOK: Gold prices extended higher during APAC trading hours as yields and the US Dollar fell Demand for safety remains elevated as traders are jittery about the unwinding of the “reflation trade” Gold prices are challenging the 100-Day SMA line. Breaking it may hint at further upside potential Gold prices rallied to an eight-week high as viral resurgence in some parts of the world dampened the growth outlook, boosting the demand for safety. While stocks have rebounded overnight, the market remains jittery about the unwinding of “reflation trades”. This encouraged investors to reassess recovery prospects and reshuffle their portfolios towards a more balanced setting.