Corona developments jump in gold and drop oil prices globally
Gold rose today to its highest level in six weeks, supported by news that the leaders of the US Congress have reached an agreement on an aid package related to the emerging corona virus (Covid-19), at a time when the demand for higher-risk assets is undermined by the closure measures in Britain, which is What increased yellow metal support.
Spot gold rose 1.1% to $ 1900.57 an ounce, after earlier touching its highest level since the ninth of last November at $ 1901.38.
US gold futures rose 0.9% to $ 1,904.8.
"There is a financial stimulus behind us, and gold has enough momentum to close at more than 1900 dollars an ounce by the end of this year, and may even rise to 1925 dollars," said Stephen Ins, chief global market analyst at Axi Financial Services.
As for other precious metals, silver rose 4.5% to $ 26.93 an ounce, after touching its highest levels since December 18 at $ 27.02.
Platinum also rose 0.9% to $ 1045.40, and palladium increased 0.7% to $ 2,376.13.
And what provided support for gold, stocks fell after the British Minister of Health suggested continuing to tighten restrictions in London and southeast England for some time, to confront a new strain of the Corona virus.
In addition, the fast-spreading new strain of the Corona virus has reinforced fears about the slow recovery of fuel demand amid tightening restrictions in Europe, which led to a drop in oil prices by about 3%.
Brent crude fell $ 1.54 a barrel, equivalent to 3% to $ 50.72 a barrel, while US West Texas Intermediate crude fell $ 1.42 a barrel, or 2.9%, to $ 47.68 a barrel.
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