Gold stays at a monthly peak amid fears of a second wave of coronavirus
US, WASHINGTON (ORDO NEWS) — Gold prices on Tuesday are held near the maximum level for more than a month, reached a day earlier, as the increase in the number of cases of coronavirus infection has warmed up concerns about the second wave of the epidemic.
The spot price of gold rose 0.08% to $ 1.755.82 per troy ounce by 13:41 GMT. On Monday, quotes reached the maximum since May 18, $ 1,762.84 per ounce. Since the beginning of the year, gold has risen in price by almost 16%.
“Incentives and budget spending will continue to grow because the virus has not gone … the worst is not over yet, and this stimulates a constant demand for safe assets,” especially since the liquidity provided by central banks is starting to accelerate inflation, a Saxo Bank analyst said Ole Hansen.
According to him, the rise in gold prices above the range of $ 1.745- $ 1.765 per ounce “will provoke a pursuit of the level of $ 1.800”.
The number of cases of coronavirus infection in the world exceeded 9 million, Reuters estimates showed on Monday.
Gold rises in price, despite the growth of stock markets amid improved data from the eurozone and statements by US President Donald Trump that the US trade deal with China remains “fully in force”.
Palladium fell 0.72% to $ 1.924.24 an ounce, silver dropped 0.25% to $ 17.78 an ounce. The price of platinum increased by 0.53% to $ 826.37.
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