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On Tuesday, gold finally resumed rising in the market, and this is because of the continued uncertainty over the US presidential elections. Thus, gold futures for December rose by 0.11% or $ 1.75 in the New York Stock Exchange, thereby reaching a price of $ 1,913.55 per troy ounce.
Then, on Wednesday, a further increase was observed (by $ 5.9), so futures for December traded at $ 1,921.60 per troy ounce.
Meanwhile, silver futures for December increased by 0.89%, amounting to a price of $ 25.203 per ounce.
As for the US dollar, its rate dropped by 0.2% against other currencies, so it is now at 92.89 points.
The depreciation of the US dollar has a positive effect on gold. However, against other world currencies, the yellow metal had become cheaper.
To add to that, the current fears over the state of the global economy, relative to the second wave of the coronavirus pandemic, is favoring gold prices, and this is because the chances of recovering is getting lower as the crisis spreads more and more. This leads to the fact that investors resort to investing in reliable assets, which, traditionally, includes gold.
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