Gold is approaching the $ 1700 barrier per ounce

13 Apr 2020 01:04 PM

Gold prices increased significantly in the beginning of this week trading on Monday to approach the $ 1700 mark per ounce. Many factors helped the precious metal to reverse the early decline to the range of $ 1672 and a positive shift for the second consecutive session in the first day of the new trading week.

This comes at a time when a new wave of risk aversion persists amid concerns about the repercussions of the Corona pandemic on the global economy, which caused gold demand increase as a safe haven asset, especially with most investors compensating their losses that they suffered with the collapse of global stock markets.

On the other hand, the US dollar bearishness gave support for the yellow metal, which witnessed strong declines last week against the backdrop of a series of disappointing economic data certainly with the announcement of the state of emergency in the country. Similar to the new stimulus measures taken by the US Federal Reserve, which caused about $ 2.3 trillion in liquidity.


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