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Gold breaks historical records for daily growth

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Gold breaks historical records for daily growth
March 24
09:00 2020

Yesterday will definitely go down in the trading books. The most popular defensive asset has broken records. It’s about gold. Yesterday, precious metal futures increased $ 84.7 per ounce (5.7%) and broke the level of 1569.3 US dollars per ounce.

They began monitoring this asset in 1984. In all this time, the market has not yet seen such a high daily gain! If we consider the intraday growth not in dollar terms but in percentage terms, then it should be noted that the market observed a similar picture in the spring of 2009.

Gold is a traditional safe haven asset. Each time a weakening US dollar causes a surge in interest in the precious metal. This time, such an explosive growth was caused by the Federal Reserve public statements. The fact is that the regulator is not going to shut down the quantitative easing program. They will issue as much money and buy as many assets as needed. These statements expectedly caused the sale of the American currency.

Late at night, the asset price was slightly adjusted; the final increase amounted to 5%.

 

The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group

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