Gold prices are near eight-year peak amid growing number of cases of coronavirus
(Reuters) – gold Prices on Monday was held near eight-year high hit last week, due to investor concerns about a sharp rise in the number of cases of the coronavirus worldwide.
The spot price of gold stabilized at $1.770,83 per Troy ounce by 13.15 GMT, which is about $8 less than the peak in October 2012 of $1.779,06, achieved on Wednesday.
The number of new cases of infection with coronavirus has increased dramatically in the United States. California on Sunday again closed bars, and the state of Washington has suspended the lifting of restrictions. The number of cases continues to rise in countries such as Brazil and India.
“The catalyst (to gold reached $1.800 per ounce), already here. Growth cases (coronavirus) in the United States and fears of a second wave in Europe and Asia is likely to slow down any potential recovery of the economy and make gold an asset class is in high demand,” said Michael Hewson from CMC Markets UK.
Palladium rose 1.51% to $1.888,14 ounce, silver added 0.73% to $17,88 per ounce. The price of platinum increased by 2.3% to $809,19.
(Nakul Iyer; Translated By Caleb Davis. Editor Marina Bobrova)