The rise of gold due to the decline in the US dollar due to the consequences of corona

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The rise of gold due to the decline in the US dollar due to the consequences of Corona, today, Tuesday, May 12, 2020 10:26 pm

Gold prices rose on Tuesday, with more US central stimulus expected, to support the economy affected by the consequences of the Corona pandemic and closure.

The price of gold rose on the world market, thanks to the decline in the US dollar.

And the price of gold in spot trading rose 0.35% to $ 1701.50 an ounce, at the end of the trading session.

US gold futures rose 0.5% to settle at $ 1706.80 an ounce.

Traders said that the US Federal Reserve will begin buying shares of ETFs that invest in bonds today, as part of its efforts to improve the performance of markets in the wake of the Corona virus pandemic.

US President Donald Trump again on Tuesday urged the Federal Reserve to adopt negative interest rates even as some members of the central bank say they see no need to move interest rates, which are now close to zero.

Gold prices have jumped more than 12% since the beginning of this year, with major central banks around the world launching a wave of stimulus to restrict economic damage.

Among other precious metals, palladium fell 2.7% to $ 1843.70 an ounce, while platinum rose 0.70% to $ 762.21 an ounce, while silver fell 0.44% to $ 15.48 an ounce.

Source: Reuters

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