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The price of gold rose rapidly on Monday which only strengthened its position at strategic levels above $ 1,800 per troy ounce. The coronavirus pandemic does not in any way frighten precious metals, but only makes its position more stable and firm. Meanwhile, COVID-19 continues to spread at a record pace not only throughout the United States but throughout the world. On Friday new record-breaking COVID-19 cases were recorded in the US alone with 63,000+ in just a day.
Gold futures became more expensive this morning by 0.59% and were able to rise to the level of $ 1,812.55 per troy ounce. This well strengthened it above strategically important for the further rise of the precious metal mark at $ 1,800 per troy ounce.
The tension in the situation with the spread of coronavirus infection acts as a support on the precious metal, acting as a good support factor. At the same time, analysts believe that there is no reason to doubt the stability of gold growth and that one can continue to hold long positions with confidence in a positive future outcome. As long as the resistance level is above $ 1,765 per troy ounce, the assets of investors in gold will remain safe.
At the same time, news about the development and active testing of a vaccine against COVID-19, on the contrary, acts as a growth restrictor for precious metals. Investors can change their high spirits and move on to taking profits in the gold market.
However, an unexpected wave of another escalation of the conflict between the United States of America and China, which began today, is also beneficial for gold. A new sanctions list with the names of three more officials from China entered there is presented today in America. In addition, the reluctance so far to conduct active negotiations on a trade agreement between the countries aggravates the situation. Investors are beginning to gravitate to the gold market, even more, trying to take refuge in a "safe haven."
The rising price of precious metals can positively affect the movement of other metals, Most particularly the silver. In the meantime, its ratio with gold continues to be consolidated within the minimum values of 1:97 in the entire history. Many experts believe that in the near future there should be a correction to the level of 1:90, which means that the price of gold can still change the vector and drop slightly. However, there are no apparent reasons for the fall yet.
The price of silver has increased by 2.04%, which moved its level to $19.05 per troy ounce. The price of palladium also increased by 0.56%, which sent it to the mark in 1981.13 per ounce. Platinum became the leader of the upward trend as it managed to increase 3.47% and reach the mark of $842.77 per ounce.
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