The price of gold increases and increases its demand in light of fluctuating economic expectations

0
53



Gold rises in spot trading 0.2% to $ 1746.58 an ounce by 06:06 GMT, and in US futures contracts rose 0.4% to $ 1751.90.

  • Spot gold rose 0.2% to $ 1746.58 an ounce

Gold rose, today, Wednesday, thanks to the growth in demand for safe-haven investments, with the extent of the damage caused by the Corona virus in the wake of grim data from major economies and optimism about a possible vaccine fading.

And gold rose in spot trading 0.2% to $ 1746.58 an ounce by 06:06 GMT, as rose in US futures 0.4% to $ 1751.90.

“The wave of rise of the so-called vaccine of hope in equities has been weakened,” said Jigar Trivedi, commodity market analyst at Anand Rathi, for brokerage in Mumbai, noting that “gold is returning to the center with weak economic data, and that trade relations may turn For the worse at any moment. ”

The optimism that was sparked by early data about a possible vaccine was dispelled after a medical news website reported that it was not enough, which led to the decline of US stocks and the stability of Asian stocks after this week’s rally.

Homebuilding activity in the United States also fell at its largest pace in April, and building permits tumbled, raising fears that the pandemic could lead to the largest economic downturn in the second quarter of the year since the Great Depression.

In Japan, corporate confidence collapsed in May and hit a 10-year low as companies anticipated a prolonged period of economic weakness.

Markets are now awaiting the minutes of the US Federal Reserve meeting, which was held on April 28 and 29, and is released at 18:00 GMT.

In other precious metals, palladium lost 0.9% to $ 2039.93 an ounce, while silver rose 0.8% to $ 17.53 and platinum increased 0.3% to $ 835.28 an ounce.





LEAVE A REPLY

Please enter your comment!
Please enter your name here