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New records. Gold has risen in price to 1320 USD per ounce

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New records. Gold has risen in price to 1320 USD per ounce
August 29
07:22 2017

The complex situation that rose in the world cannot but affect the financial markets. Even less prone to fluctuations in the price of gold, copper and, for example, nickel have reacted to the aggravation of the geopolitical situation in the world.

Such fluctuations are caused by the actions of the Democratic People’s Republic of Korea. It became known that a ballistic missile had been launched. It was flying at a maximum height of 550 km within 15 minutes and reached the airspace of the country of the rising sun. The missile managed to overcome the distance of nearly three thousand kilometers.

South Korea, for its part, responded to the launch committed by the northern neighbor by organizing exercises in the north-eastern region of the country. During the exercises, techniques were worked out to repel the bombing by the DPRK.

Predictably, Japan sharply reacted to another launch of the missile. Official Tokyo called the actions of North Korea “the unprecedented threat to the security and peace in the region.”
Against the background of such contradictory news, gold has updated the record price for the last 10 months. At the New York Exchange, the cost of futures contracts (with the delivery date – December 2017) has increased by 0.5% to $ 1,222.4 per ounce of this precious metal. For the last time a higher gold price was observed on 9 November, 2016 (when the cost of one ounce of the precious metal was equal to 1 326.08 US dollars).

In addition to the difficult political situation, the growth in the price of gold was affected by the weakening of the US dollar. Currently, the cross rate of the US dollar against the European currency has reached a minimum value since the beginning of 2015 and amounted to 1.2027 US dollars per 1 euro. All analysts know that a weak US dollar always leads to strengthening of commodity markets.

Gold is not the only raw material, beating price records against the backdrop of a weak US dollar and a difficult situation in the world. The rise in prices is also observed for such metals as nickel, copper and zinc. The trend for the growth will continue in the near future.

The material was prepared with the participation of Andrey Majorov,
a leading analyst of the brokerage company CT Trade

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