Gold prices surge to record high amid coronavirus, US-China tensions

Gold is flying, hitting an all-time high of $1,944.71, well above its previous record of $1,921.18 seen in 2011. 

HONG KONG: Gold prices have risen worldwide and coronavirus infections have risen worldwide as tensions between the US and China continue.

After several months of healthy rallies in trillions of equity markets in support of the government and the central bank, traders began to back down as they weighed the long-term economic impact of coronaviruses.

Gold is flying at an all-time high of $ 1,944.71, an all-time high of 9,921.18 seen in 2011, with the Federal Reserve taking massive monetary easing measures to depreciate the dollar against most other currencies.

There are eyes on the Fed’s next policy meeting this week, which predicts some measures to boost the economy – perhaps negative interest rates – could put more pressure on the dollar and send the bullion above $ 2,000.

There are also concerns that estimating lower readings compared to GDP in the second quarter could prevent another dollar in sales.

Although the weaker dollar was the main catalyst for the metal’s progress, daytime gold was boosted by its allure at a time of turmoil with sourness in China-US relations.

Gavin Wendt, a senior financial source, said, “We are entering a climate of global financial crisis where gold prices have reached record highs while making strong gains in the wake of the global financial crisis.” Huh. “Analyst at Mine Life.

The greenback has been lower than other currencies against the euro since September 2018, with South Korea winning and also higher yielding units such as the Indonesian rupee.

Stock markets are high as investors focus on the impact of the virus on the economy.

Last week, Shanghai was slightly higher, with China and the U.S. closing consulates in Chengdu and Houston, reducing tensions between the superpowers.

Sydney grew by 0.2%, Singapore and Jakarta by 0.3% each, while Seoul grew by more than one per cent and Taipei by more than two per cent.

Tokyo, Hong Kong and Mumbai are low.

Investors are concerned about the slow progress of legislators in the new U.S. stimulus program, with Republicans claiming their proposals are worth $ 1 trillion, less than a third of the Democrats’ plan.

There are concerns that a deal could take some time, with additional unemployment benefits killing millions of Americans when they expire.

Leave a Reply

Your email address will not be published. Required fields are marked *