Gold rises 1% with the trend for safe havens amid epidemic fears
US, WASHINGTON (ORDO NEWS) — Gold rose on Wednesday as fears of a worsening Coronavirus epidemic led to a safe havens and the yellow metal received additional support from expectations of more monetary easing by central banks.
And gold in the spot transactions increased one percent to 1587.31 dollars an ounce by 0605 GMT, after hitting 3.1 percent in the previous session as a result of the dollar’s rise. And gold rose in futures trading in the United States 0.3 percent to 1600.70 dollars.
“Maybe investors turn to gold in search of safety,” said Margaret Yang Yan, market analyst at CMC Markets, and expected the recovery to be the result of US President Donald Trump‘s statements, who said the epidemic in the next two weeks might be painful for the United States.
“The consequences of the monetary easing policy cycle and stimulus programs of trillions of dollars mean that liquidity will flood the market and an abundant supply of banknotes in the months, seasons and years to come, and this certainly strengthens the rise of gold amid a very limited supply (of present gold).”
For other precious metals, palladium fell 2.4 percent to $ 2,295.63 an ounce, platinum lost 0.5 percent to $ 718.92, while silver lost 0.2 percent to $ 13.94.
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