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Gold is dropping from a 3-week high

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Gold is dropping from a 3-week high

Date posted: 12.10.2020 | 08:03 GMT

Gold is dropping from a 3-week high


Gold is dropping from a 3-week high


Today, Monday, gold prices fell from their highest level in three weeks, as the dollar recouped some of its losses after it encountered a new US rescue package to alleviate the repercussions of Corona opposition.

Spot gold fell 0.1 percent to 1927.11 dollars an ounce, by 06:29 GMT, after reaching its highest level since September 21 at 1932.69 dollars earlier in the session.

This came in contrast to US gold futures, which rose 0.5 percent to 1934.70 dollars an ounce.

"The dollar index rebounded slightly, which put pressure on the precious metal," said Margaret Yang, an analyst at the "Daily Fix", which covers trading currencies, commodities and indices.

However, she added, "the technical trend has turned to the upside in the near term, and very soon, it may test the main resistance level of $ 1942."

The dollar index settled and is trading below its three-week high against its rivals, after negotiations over a US stimulus package faced opposition, while the yuan retreated after the Chinese central bank took action seen as aimed at limiting the currency's strength.

Gold is considered a hedge against inflation and the depreciation of the currency, and the yellow metal has gained more than 27 percent since the beginning of this year, supported by unprecedented stimulus measures globally to alleviate the economic repercussions of the Covid-19 pandemic.

Source: "Reuters"الذهب-ينخفض-عن-أعلى-مستوى-في-3-أسابيع/

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Gold falls as the dollar recovers and investors await the US stimulus

Economy News _ Baghdad

Gold fell on Tuesday with the recovery of the dollar, but the price of the precious metal may receive future support from an American stimulus package that increases its attractiveness as a hedge against the resulting inflation.

And gold in the spot market fell 0.3 percent to 1917.16 dollars an ounce, and gold in futures trading in the United States fell 0.4 percent to 1921.20 dollars.

The dollar index rose 0.1 percent against its rivals.

Regarding other precious metals, silver fell 0.8 percent to $ 24.90 an ounce, platinum settled at $ 872.94, while palladium increased 0.5 percent to $ 2413.38.


Number of observations 33   Date of addition 10/13/2020

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