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Gold prices began to rise amid statements from some countries about a record number of coronavirus infections.
Thus, the price of December gold futures on the Comex New York Stock Exchange increased by 0.13% ($ 2.45), to $ 1875.75 per troy ounce. Meanwhile, December silver futures fell 0.02% to $ 24.3 an ounce.
Gold prices started to rise slightly after a sharp drop earlier in the week on information about successful trials of the COVID-19 vaccine. On Friday, a kind of support for the precious metal, which is historically considered a more reliable asset, is provided by the deterioration of the general epidemiological situation in the world.
On Thursday, a record increase in cases of coronavirus was recorded in Japan as daily new cases rise to 1,660. The US, on the other hand, already soared to 150,000 new cases per day. Since the spring of this year, the UK confirms 33,500 new daily cases. The epidemiological situation remains difficult in a number of European countries, where strict restrictive measures were introduced to combat the increase in the incidence.
In this regard, there have been serious changes in the behavior of market participants. Investors began to understand that the mass introduction of the vaccine will take a long time, and there is a huge need for it today.
Experts share the concerns of market participants, but they are in a hurry to make positive forecasts for the long term. Analysts believe that the price of gold will fluctuate in a range in the coming months, while real rates will fall even lower next year, which will strengthen the "reflationary history" and increase demand for the most popular precious metal.
As a rule, investors buy gold to hedge the risks of a depreciation of the dollar, so the value of the precious metal will show a high sensitivity to the dynamics of real short-term rates. Experts emphasize that the currency market behaves in about the same way.
In addition, analysts note the trend in demand for gold in large developing countries and assume that this trend in the precious metals market will continue into the next year.
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