Global gold prices rose to their highest levels in nearly 9 years, today, Tuesday, benefiting from low interest rates and renewed concerns related to the pandemic of the emerging Corona virus.
According For an agency Bloomberg, August delivery prices rose 1.3% to $ 1804 an ounce on the New York Stock Exchange, the highest level since November 2011.
AFP 2020 / BRENDAN SMIALOWSKI
Coronavirus cases exceeded the 10 million mark and are still increasing rapidly, prompting investors to gold as a hedge against more negative economic repercussions.
Jerome Powell, chairman of the Federal Reserve, told Congress on Tuesday that controlling the virus was very important. Trade disputes between Washington and Beijing also increased, which supports the bullish trend of the precious metal.
Analysts believe that there is an explosion in the demand for gold, which has increased by about 20% this year, due to fears of the worsening of the Corona crisis and the repercussions resulting from it, which enhances the continuity of the rise.
Carissa Etien, Regional Director of the World Health Organization for the Americas, warned on Tuesday that countries, states and cities that ease closures too early may be overwhelmed by new “COFED 19” cases.