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Due to the threat of the second wave of COVID-19, the US dollar is weakening against most currencies, including the Chinese yuan.
The coronavirus is still spreading around the US. Thus, prospects of overcoming the crisis look very bleak for the country. According to the strategist at Deutsche Bank, demand for the US dollar is falling. Although, the US national currency is often used as a safe-haven asset in the event of economic crises.
Meanwhile, amid weakening US dollar another safe-haven asset is getting more expensive. It is gold. The price of gold on Monday rose to $1,788.35 per troy ounce. The price hit such a level for the first time since April 13.
In recent months, gold prices were dropping due to the global spread of COVID-19 and a collapse in oil prices. However, demand for gold coins has advanced by 30% since the beginning of the year. That is why, Goldman Sachs analysts revised their gold price forecasts. It is estimated that gold would reach $1,800 in the coming months. Moreover, on Friday, the EU leaders discussed the formation of a €750 billion recovery fund (841 billion dollars).
Soon, analysts expect another correction in gold prices, because many countries are loosening the quarantine measures. The economies began to recover, therefore, the demand for investment in gold is growing.
HSBC Precious Metals Chief Analyst James Steele noted that the economic recovery would inevitably affect gold. However, low income, significant fiscal and monetary incentives, and the inflationary impact on asset prices could be the main reasons for a rise in gold prices.
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