Gold Prices Outlook – 1oth November 2020
Gold prices rose in the European market on Tuesday, as part of attempts to recover from the lowest level in six weeks recorded earlier in yesterday’s commodities trading.
The price of gold rose 1.4% to $1,890.37, from today’s opening level of $1,863.76, and reached the lowest level at $1,860.17.
The gold ended yesterday’s trading, down by 4.6%, in the first loss within the last three days, and by the largest daily loss since August 11.
Due to the acceleration of the sale of safe-haven assets, after positive news about one of the vaccines that are strongly recommended to prevent Coronavirus.
The American pharmaceutical company Pfizer and the German BioNTech company said on Monday that their Coronavirus vaccine was more than 90% effective in preventing infection, according to recent data from the final phase trials.
The price of Gold fall after the USD rising
の dollar index rose on Tuesday by more than 0.1%, to continue its gains for the second day in a row which reflects on gold prices.
This rise in the US dollar level, thanks to the remarkable activity of buying the US currency as the best alternative investment.
In light of mounting concerns about the judicial dispute over the presidential elections in the United States, with the determination of the current president, “Donald Trump” not to admit defeat and resort to the courts to recount votes In some states close in results with the election winner, “Joe Biden.”
Gold holdings of the SPDR Gold Trust, the largest global index fund backed by gold, fell yesterday by about 10.51 metric tons.
プロのトレーダー兼アナリスト、2004 年から金融および外国為替市場のエコノミスト。エジプトのアメリカン大学で MBA を取得。モハメッドは、多くの国際外国為替および金融取引会社で経済ライターおよびテクニカルおよびファンダメンタルズアナリストとして、英語とアラビア語の両方で日々働いています。