Gold touches record levels and the dollar is on the rise
Gold prices rose towards record highs on Thursday as weak US data hit jobs in dollars and reinforced concerns about the recovery of the global economy that was affected by the pandemic.
And gold is in the spot prices, a slight difference from the highest levels ever, which touched him in the previous session, and rose 0.6 percent to 2051.44 dollars an ounce by 0645 GMT. US gold futures rose 0.8 percent to $ 2064.60.
“There are real concerns about whether the global economic recovery will continue as infections in the United States continue to rise,” said Harshall Barrott, consultant researcher on South Asia at Metals Focus.
He added, “These fears have now increased, which raises doubts that whatever recovery we have witnessed in the past two months will not continue, which led to the purchase of safe havens in general, and inflation expectations have started to recover again.”
Policymakers at the US central bank warn that the pandemic will continue to harm the US economy, with the country’s cases exceeding 4.7 million.
The dollar rallied on lower risk appetite in early trading in London on Thursday as markets watched US jobs data and news about financial aid negotiations in Washington.
Risk appetite increased on Wednesday after data from the Institute for Supply Management in the United States revealed that new orders in the services sector jumped to a record high, but also showed lower employment, indicating that the labor market recovery is faltering.
The dollar index fell against a basket of currencies, reaching its lowest level in two years at 92.495 at 0608 GMT, then rose by 0700 GMT, to be trading down 0.1 percent on Thursday at 92.713.
The euro hit a two-year high against the dollar at $ 1.1916, with the end of Asian trading nearing and then falling to $ 1.1876. The euro was supported by PMI data on Wednesday which revealed that the euro zone economy is expanding. Source