Gold prices continue to decline with renewed fears of the Coronavirus pandemic

Mohammed Abdelkhalik
July 21, 2021

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Gold prices fell during today’s trading session in the European market, heading towards recording the second daily loss in a row, this decline came due to the recovery of the levels of the US dollar against most global currencies, which recorded its highest levels during the current year 2021, and despite the concerns surrounding the spread of the mutated “delta” virus. from the Coronavirus.

Gold prices continue to decline

Gold prices

At exactly 09:25 GMT, the spot price of gold was down by about 0.2%, to trade around the level of $1805.81 an ounce, from the opening level of today’s session at $1807.90 an ounce.

Gold in US futures also fell 0.3% to $1,805.50 an ounce.

As for the US dollar index trading, the index rose during today’s session by about 0.1% to reach the level of 93.06 points, the highest this year, and US Treasury yields continued to rise on Wednesday, as the main concern for investors is the rapid spread of the new strain “Delta”. inflation.

In terms of other precious metals trading, silver rose during spot transactions by about 1.1% to the level of $25.17 an ounce, and platinum gained 0.7% at $1073.21, while palladium increased by 1.2 percent, recording the level of $2665.5 an ounce.

Renewed fears of the Coronavirus

Otherwise, according to recent data issued by the World Health Organization, the rise in Coronavirus infections in the United States and some other countries has fueled fears of an exacerbation of the pandemic, causing shock waves across stock markets, which has raised fears again that the pandemic will spread out of control.

Recent government data in the United States showed that the average number of coronavirus infections in the country during the past seven days until Friday amounted to about 30,000, which is higher than the average of last June, which amounted to 8,000.

Several countries around the world are facing a new wave of infections with the Coronavirus, while some governments have decided to move forward in easing the procedures and restrictions associated with the pandemic, and advise citizens only to be careful.

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.