Gold, which is a safe haven, reached an all-time high today, Wednesday, to continue its record high above the level of 2000 dollars due to the weak dollar and bets on more stimulus measures to revive the economy that is beset by the Corona virus pandemic.
And the "yellow metal" in the spot transactions rose 0.2% to $ 2022.19 an ounce after reaching a record level of $ 2030.72 at the beginning of Asian trading.
Futures for this precious metal in the United States rose 0.9% to $ 2039.40.
IG Markets analyst Kyle Roda spoke of the dollar's decline and the nominal returns, "as speculation remains rife about global growth and the financial crisis in the United States, which is driving gold prices mainly to rise."
"The outlook remains very strong. Interestingly, we have seen traders reduce their exposure to credit during the recent rally, which indicates that new buyers may return to the market to push prices up," he added.
Corona virus cases continue to rise in the United States and dozens of states have been forced to suspend their plans to reopen or retract the economy. The number of infected people worldwide reached more than 18.41 million.
The rapid increase in cases dampened hopes for a rapid US economic recovery, which drove five-year Treasury yields to record lows, lowering the opportunity cost of holding the yielding yellow metal.
And the US dollar fell 0.3% against its competitors, which reduces the price of gold for holders of other currencies.
For other precious metals, silver fell 0.2% to $ 25.95 an ounce, and platinum rose 0.1% to $ 938.16, and palladium fell 0.8% to $ 2122.74.