The market continues to be in limbo. Not surprisingly, since the coronavirus pandemic is still not stopped, uncertainty with oil remains. Because of this, the gold price has grown to an 8-year high.
The weakening US dollar plays into the hands of gold, during today’s trade, the ICE index has fallen by 0.5%. The fact is that the value of any commodities (including gold) is expressed in the US currency. The weaker the US dollar, the more interesting it becomes to buy gold for international investors.
During today’s trade, June gold futures have grown by 1%, breaking the mark of $ 1,711.4 per ounce. This is the maximum value over the past eight years.
The material was prepared with the participation of Katya Wilson,
a leading analyst of the brokerage company UFT Group