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On Tuesday morning, the price of gold bars was able to finally break through the psychological mark of $1,800. At the time of writing, the noble asset rose 1.07%, or $19. Its price was $1,802.3.
Silver also showed a confident positive trend. The asset rose by 0.88%, jumping to the level of $26,735.
According to analysts, the main catalyst for the growth of the precious metals market is the weakening dollar. On Tuesday, the US currency continues to lose its superiority against its competitors.
Gold has been growing for the sixth consecutive session, drawing strength from other sources as well. The decline in 10-year US bonds and the difficult epidemiological situation in the world give a good boost to the yellow asset.
The new strain of the delta coronavirus increases the risk of a slowdown in economic activity in a number of Asian countries, which strengthens the position of gold as the main safe haven asset.
In addition, the precious metal received significant support last week from the US labor market. The sudden increase in unemployment prompted investors to think that perhaps the US Federal Reserve will not rush to change the current course of monetary policy, keeping interest rates at the current level.
If this scenario is confirmed, bad days will come for the US currency again, unlike gold, for which such a development of events will be an excellent springboard for growth.
Meanwhile, some analysts associate the current dynamics of the precious metal with a technical correction. The yellow asset is recovering losses after a sharp collapse last month. However, if significant negative factors appear, its price may decline again.
Now, investors are waiting for the release of the minutes of the US Federal Reserve meeting. Tomorrow's comments about inflation and interest rates may turn gold around, as it was last month. Back in June, the regulator predicted the probability of a rate hike in 2 years.
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