June 2, 2023

Dubai Week

Complete Dubai News World


Gold prices rise due to corona fear – economy – world economy

Gold prices hit a two-week high on Wednesday as concerns over Kovit-19 and its rapidly spreading delta strain increased the demand for the yellow metal, which is considered a safe haven. Economic impact.

Spot gold was up 0.4 percent at $ 1,792.42 at 0636 GMT, after hitting a high of $ 1,795.25 on August 6 in the previous session.

U.S. gold futures are up 0.3 percent at $ 1,793.50.

“The biggest issue is the delta strain and whether it will have a measurable impact on global recovery. In this scenario, gold is likely to buy more refuge,” said Jeffrey Haley, senior market analyst at Asia Pacific at OANDA.

“But gold is having trouble breaking significant technical resistance levels of $ 1,800 to $ 1,850. Will the fate of gold be determined by the Federal Reserve open market panel and indicate an immediate cut in stimulus in September?”

Risk sentiment in broader financial markets is weak, with Asian stocks close to very low levels since the beginning of this year, absorbing the region’s delta.

Adding to the signs of a sluggish economy, U.S. retail sales were lower than expected in July.

Investors are now waiting for the minutes of the Federal Reserve’s policy meeting in July, as a sign of the US Federal Reserve’s plans to cut stimulus policies.

Among other precious metals, silver was up 0.5% at $ 23.75 an ounce and platinum was up 1.1 percent at $ 1,008.60.

Palladium rose 1.7 percent to $ 2532.18, returning from its lowest level in almost two months, which was recorded on Tuesday.

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