Start the upward trend of ounces of gold

In global trading on Tuesday, the price of gold stood near its highest level in eight years due to the increase in cases of coronavirus worldwide and the release of the report on the improvement of the US service industry.

 The price of an ounce of gold for immediate delivery in the Singapore market today remained almost unchanged and stood at $ 1784 and six cents. The market price is now only four dollars and 90 cents away from last week's record high.

In the US futures market, gold rose 0.1 percent to $ 1,794.30 an ounce.

Gold has become the insurance of investors

Jeffrey Holly, senior market analyst at OANDA, said the rise in new cases of Covid 19 has added to concerns around the world, with investors preferring to trade in gold despite re-emerging stock markets. Pay for your insurance.

India overtook Russia on Monday to become the third country with a high incidence of Covid, while the number of victims in the United States has exceeded 130,000.

According to Reuters, gold also followed the movement of  the dollar index , which offset part of its recent loss, but stood near its lowest level in two weeks. A stronger dollar makes gold more expensive for non-US buyers.

Meanwhile, growing expectations for China's economic recovery and better-than-expected US service performance data boosted investor confidence and improved demand for risky assets.

Gold continues to rise

"Gold is subject to price correction in the short term," said Kyle Rhoda, an analyst at IG Markets. However, the metal is still likely to rise above the $ 1,800 mark because in the long run, fundamental factors are in favor of the gold uptrend.

In other precious metals, palm for immediate delivery fell 1.1 percent to $ 1,918.87 an ounce. Platinum for immediate delivery was up 0.7 percent at $ 818.66 an ounce. Silver for immediate delivery fell 0.1 percent to $ 18.18 an ounce.

برای خرید تقره آنلاین به سایت کافه سیلور مراجعه کنید.