Gold prices rose today, supported by concerns about the exacerbation of the “Covid-19” pandemic, while the precious metal prices were also boosted by hopes about a new US stimulus package ahead of the presidential elections in November.
By 07.25 GMT, the spot price of gold was up 0.6% to 1909.9 dollars an ounce, while US gold futures increased 0.3% to $ 1912.4.
“The renewed growth of (Covid-19) in Europe increases the possibility of a renewed recession and a long-term economic slowdown,” said Harshal Barot, chief consultant for South Asia research at Metal Focus.
Gold is considered a hedge against inflation and currency depreciation, and has risen about 25% this year as governments and central banks launched a wave of stimulus measures to curb the economic damage of the pandemic.
In other precious metals, silver rose 2.4% to $ 24.74 an ounce, after approaching a week’s high.
Platinum also rose 1.2% to $ 870.69 an ounce, and palladium rose 0.9% to $ 2,351.94.
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