10:59 am
Thursday 06 August 2020
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Cairo – agencies:
Gold prices rose towards record highs on Thursday, as weak US jobs data hit the dollar and reinforced fears about a global economic recovery hit by the pandemic.
And gold is in the spot prices, a slight difference from the highest levels ever, which touched him in the previous session, and rose 0.6% to 2051.44 dollars an ounce by 0645 GMT.
US gold futures rose 0.8% to $ 2064.60.
“There are real concerns about whether the global economic recovery will continue as casualties continue to rise in the United States,” said Harshal Barrot, consultant researcher for South Asia at Metals Focus.
“Those fears have increased now, which raises doubts that whatever recovery we have seen in the past two months, it will not continue, which led to the purchase of safe havens in general, and inflation expectations are starting to rebound again,” he added.
Policymakers at the US central bank warn that the pandemic will continue to harm the US economy, with the country’s cases exceeding 4.7 million.
Bleak expectations pushed the dollar index to its lowest level in more than two years, while data on Wednesday showed that the growth of the number of private sector workers in the United States slowed sharply last month.
Gold has risen more than 34% since the beginning of this year as it is considered an asset that must hold its value while the pandemic and the printing of central banks by funds erode the value of other assets.
Regarding other precious metals, silver jumped 2.5% to $ 27.69 an ounce, after hitting the highest level since April 2013.
Platinum rose 0.7% to 973.52 dollars, and palladium rose 0.1% to 2183.52 dollars.
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