Gold headed for new highest prices
Precious metal has been helped by a number of positive factors. Earlier the prices have gone down and briefly stood around US$1,672. but then turned to growth and are keeping up the dynamic for two sessions straight.
First of all, traders around the world are trying to avoid risks. The markets are still under pressure of the pandemic-related anxieties. The fears have been further reinforced by latest news of new cases in China, which provoked the discussion about the second wave of COVID-19.
Most investors are still not ready to leave safe-haven investments. However, the US dollar has not been making any significant gains. The currency has stayed mostly depressed after the Federal Reserve’s reveal of the new credit package worth US$2.3 trillion.
Oil markets also did not see any noticeable growth despite new OPEC agreement. While all the major stocks remain depressed, gold might reach new highest level.