Less than a few hours have passed since the opening of world markets and the price of gold shows a positive trend. Wang Tao, a Reuters technical analyst, predicted that every ounce of gold breaks the resistance and rises.

According to the  Gold Cafe , not more than a few hours have passed since the opening of global markets, and gold shows a positive trend. Gold is currently trading at $ 1,775 an ounce, up $ 3 from the end of the week.

Previously, it was expected that gold would continue to have a positive trend after the opening of the market, but it remains to be seen how gold will behave.

Reasons such as Covid-19 illness and the US Federal Reserve's monetary policy, which pushed up gold prices last week, continue to overshadow global markets, and gold prices are expected to grow as well this week as they did last week. Give.

Other precious metals are trading at $ 17.89 an ounce, platinum at $ 800, and palladium at $ 1,811, respectively, starting the week.

Unlike gold, silver and platinum have performed worse over the past few weeks, so it remains to be seen whether they will be able to make up for their weakness in the coming week.

The Impact of Corona Concerns on Rising Gold Prices

According to the Gold Cafe , the price of gold in the global market on Monday was raised due to concerns about the increase in the number of coronavirus cases around the world, which boosted investors' optimism about a rapid economic recovery and boosted demand for safe haven assets. Found.

Gold for immediate delivery rose 0.2 percent to $ 1,773.43 an ounce in trading on Friday, according to the report. Trading prices in this market last week climbed to a record 1779 dollars and six cents.

Also in the US futures market, gold rose 0.1 percent to $ 1,781.60 an ounce.

According to Daniel Haynes, an analyst at ANZ Banking Group, buying safe assets will certainly be relatively strong as the incidence of coronavirus increases, especially in the United States, where investors' demand for safe havens has increased.

The state of California, like the states of Texas and Florida, imposed restrictions in response to rising rates. Washington state and the city of San Francisco also suspended reopening plans.

Gold has become a safe haven

The relentless spread of coronavirus outbreaks has exacerbated investor concerns about delays in the global economic recovery, risk-taking, and capital inflows into safe-haven assets.

According to a Reuters poll of economists, the outlook for the global economic recovery has worsened over the past month or not changed at best. Amid financial and political uncertainties, gold is becoming a safe haven for assets and is facing increasing buying demand.

SPDR Gold Trust Gold Inventory Growth

According to Reuters, the gold stock of SPDR Gold Trust, the largest gold-traded mutual fund in the world, rose 0.3 percent to $ 1,178.90 on Friday.

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The price of gold, coins and currency today, Monday, July 30, 2020

Reuters technical analyst Wang Tao predicts that gold will break the resistance level of $ 1778 and rise to $ 1789.

In other precious metals, palm for immediate delivery rose 1.7 percent to $ 1,891.42 an ounce. Platinum for immediate delivery traded up 0.6 percent at $ 796 an ounce. Silver for immediate delivery rose 0.7 percent to $ 17.88 an ounce

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