Gold is rising with the increase in Coronavirus infections

Gold won today, Monday, as the increase in the number of Covid-19 infections strengthened its appeal as a safe haven, and this reinforced the weakness of the dollar before the meeting of the Federal Reserve (US Central Bank) this week, while the palladium, which is used in the automotive industry, stabilized near an unprecedented peak it reached last week. According to CNBC.

And gold in the spot market rose 0.2 percent to 1781.08 dollars an ounce, and US gold futures rose 0.1 percent to 1780.30 dollars an ounce.

Also Read: The European Union will allow entry to American tourists vaccinated against Corona

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“The COVID-19 situation in India and Japan is getting worse,” said Margaret Young of DailyFX. Therefore, this enhances the demand for safe havens, which leads to higher gold prices, ”he said, adding that the decline in the dollar supports prices more.

“On the other hand, investors’ eyes are turning to very strong economic data announced on Friday,” Yang said, adding that the rise in Treasury yields was curbing gold’s gains.

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Adil Khan

Adil Khan writes about Kuwait National News for Mykuwaits, out of Kuwait. Adil Khan is a senior reporter for Mykuwaits.com and has frequently written about the latest developments in the State of Kuwait. Adil Khan is available on Facebook at the below link, Please send in your leads and tips.
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