Gold price records its highest close since the beginning of this month

Mohammed Abdelkhalik
September 9, 2020

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Gold Prices ( XAU/USD): 9th September 2020

The gold price rose during trading on Wednesday amid the dollar’s decline against most of the major currencies and despite the recovery in the stock market.

Gold’s rally came despite a rebound in the stock market, offsetting part of the gains it lost in the past sessions.

The dollar fell against most of the major currencies during trading today on most trading platforms such as, Wednesday, in light of investor appetite for stock markets and uncertainty regarding the “AstraZeneca” vaccine.

Gold prices on 9th September 2020

The British “AstraZeneca” share declined during today’s trading after announcing the suspension of anti-coronavirus vaccine trials, in light of the emergence of serious symptoms from its use.

Gold price rises after Trump’s comments

Recent polls revealed the lead of Democratic candidate for the US presidential elections, “Joe Biden” over his Republican rival, the current President, “Donald Trump.”

Trump stated that he was ready to spend much of his fortune on the election campaign after data revealed that Biden raised more than $ 360 million in donations in August, while Trump raised $ 211 million.

The US President “Trump” had confirmed that his country would obtain an effective and safe vaccine to prevent corona in October, instead of previous statements of receiving it in November.

On the other hand, the dollar index (against a basket of major currencies) fell by 20:10 GMT by 0.2% to 93.2 points and recorded the highest level at 93.6 points and the lowest level at 93.1 points.

In terms of trading, gold futures contracts for December delivery rose by 06%, or $ 11.70, and the precious metal closed at $ 1954.90 an ounce, the highest level since the beginning of September, and the highest price was at $ 1959 and the lowest price was at $ 1926.3.

Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.