It has reached an all-time high ... Gold continues the record journey

It has reached an all-time high ... Gold continues the record journey
Gold, which is considered a safe haven, reached its highest level ever today, Wednesday, to continue its record high above the level of $ 2000 due to the weakness of the dollar and bets on more stimulus measures to revive the economy that is ravaged by the Corona virus pandemic.
The "yellow metal" rose in immediate transactions 0.2% to reach 2022.19 dollars an ounce, after reaching a record high of 2030.72 dollars in early Asian trading.
And futures contracts for this precious metal rose in the United States 0.9% to 2039.40 dollars.
Kyle Roda, analyst at IG Markets, spoke of the dollar's decline and nominal returns, "as speculation is still raging about global growth and the financial package in the United States, which is mainly driving gold prices higher."
"The outlook remains very strong. What is interesting is that we have seen traders reduce their creditor exposure to gold during the recent rally, which indicates that new buyers may come back to the market to push prices higher."
Coronavirus cases continue to rise in the United States and dozens of states have been forced to suspend or roll back their plans to reopen the economy. The number of infected people worldwide reached more than 18.41 million.
The rapid increase in cases dented hopes for a quick US economic recovery, which pushed five-year Treasury yields to record lows, reducing the opportunity cost of owning the yellow metal that yields no return.
The US dollar fell 0.3% against its competitors, which reduces the price of gold for holders of other currencies.
As for the other precious metals, silver fell 0.2% to $ 25.95 an ounce, platinum rose 0.1% to $ 938.16, and palladium fell 0.8% to $ 2122.74.

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