Gold prices rose globally during European trading today, Monday, after the markets opened to a decline as investors awaited reports that might push investments to safe havens or more risky investments such as the spread of Covid-10 and geopolitical tensions. On the Arab level, gold prices rose with a partial flight of capital from the stock market to safer investments, especially with the continuing decline in the Arab stock markets.
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The number of COVID-19 cases globally has exceeded 95 million
The economic shutdown continued around the world amid reports of possible tightening of measures, with an increase in the number of injuries and deaths.
Data collected from health authorities around the world on Sunday showed that the global number of coronavirus infections recorded since the start of the epidemic has risen to more than 95 million.
The United States was the country most affected with more than 23.5 million cases, followed by India with more than 10.5 million cases, and Brazil with more than 8.4 million confirmed cases.
Of those who contracted Covid-19, more than 67.8 million have recovered, while 2.03 million have died after contracting the disease.
Tensions return between the United States and China
Meanwhile, the news showing a resurgence of tensions between the two largest economies in the world contributed to investors’ tendency in part to a safe haven. On Monday, Chinese Foreign Ministry spokeswoman Hua Chunying confirmed that China will punish US officials who have “behaved badly” on the issue of Taiwan’s legal status.
Hua made the comment when asked about US Secretary of State Mike Pompeo’s decision to lift communication restrictions between Washington and Taiwan officials during a daily press conference.
And earlier this month, Pompeo announced that the United States would lift restrictions on communications with Washington’s diplomats and their Taiwanese counterparts, stressing that the restrictions had come into effect primarily to “satisfy China.” Beijing considers Taiwan a part of its territory.
Gold rose globally and in the Arab world in early trading week
In terms of trading, globally, the price of spot gold increased by 1.2%, to record levels of $ 1,835.25 an ounce. After last week’s trading closed in red. On the Arab level, gold prices recorded a contrast with a tendency to rise during morning trading on Monday.
Gold prices stabilized in the Kingdom of Saudi Arabia to record a gram of gold (24 carat) 220.66 riyals, and the price of a gram of gold (21 carat) levels was recorded at 193 riyals, finally a gram of gold (18 carat) was recorded at 165.5 riyals.
Meanwhile, the price of gold in Egypt recorded today, Monday, stability after a strong decline during the past two weeks, as the price of a gram of gold (24 carat) recorded 914.98 Egyptian pounds. The price of a gram (21 gold) was about 801 pounds. The price of a gram of gold (18 carat) was recorded at 687.55 Egyptian pounds.