The price of gold on Wednesday reached an all-time high, above the $ 2,000 level due to the weakening dollar and betting on further stimulus measures to revive the economy.
According to Reuters, gold rose in immediate transactions 0.2 percent to 2022.19 dollars an ounce, after reaching a record level at 2030.72 dollars at the beginning of Asian trading. < / p>
Gold futures in the United States rose 0.9 percent to $ 2039.40.
IG Dollar analyst Kyle Roda said the dollar's decline and nominal returns, as there is still widespread speculation about global growth and the financial crisis in the United States, is driving the prices. Gold mainly to rise.
The outlook remains very strong for gold. The interesting thing is that we saw traders reduce their exposure to credit during the recent rally, which indicates that new buyers may return to the market to push prices up.
Corona virus cases are on the rise in the United States and dozens of US states have been forced to suspend their plans to reopen or retract the economy. The number of infected people worldwide reached more than 18.41 million.
The rapid increase in cases affected hopes for a rapid US economic recovery, pushing the yields of five-year Treasury bonds to record lows, reducing the opportunity cost of holding Yellow metal that does not return.
The US dollar fell 0.3 percent against its competitors, which reduces the price of gold for holders of other currencies.
As for other precious metals, silver fell 0.2 percent to $ 25.95 an ounce, platinum rose 0.1 percent to $ 938.16 and palladium fell 0.8 percent to $ 2122.74. >
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