Gold price hits record high as USA dollar sinks

A Thai shopkeeper adjusts his face mask at a gold shop in Bangkok Thailand

The price of gold surged more than $30 on Monday, July 27, 2020, to over $1,926 per ounce.

A gram of gold was priced at 77,460 won (US$64.74) on the Korea Exchange (KRX), spiking 4.76 percent from the previous session.

"The current environment with USA dollar weakness, Covid-19 crisis and increased US-Sino tensions has the potential to move [gold] prices further up and to test the $2,000 mark", Hans Gunther Ritter, the head of trading for Heraeus Precious Metals, said in a statement.

Domestic gold prices surged to fresh record high in Monday's morning session, tracking the trend in the global market as tensions between United States and China and growing worries over economic conditions are fueling the move towards safe haven.

U.S. -Chinese relations have hit a nadir amid disputes over trade, Hong Kong civil rights and spying accusations. Some experts pointed to the worsening of U.S.

The local currency closed at 1,196.10 won against the us dollar, up 5.40 won from the previous session's close.

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The spot price touched nearly 1,944 dollars an ounce at one point.

Investors also are anxious about a rise in USA layoffs as spiking coronavirus infections cause more businesses to shut down. But the metal's getting support from a long list of factors: geopolitical tensions are rising, real rates have tumbled, the dollar is weaker, and government and central banks worldwide have unleashed vast stimulus measures to try and boost economies.

Analysts forecast that gold could reach $2,000 an ounce for the first time, as the dollar is expected to remain under pressure before the upcoming US Federal Reserve meeting, where central bankers could decide to keep interest rates low for longer. It added 1.5% after breaking its 2011 record high on Friday.

Unlike shares and bonds, investors in physical gold products do not get any return on their investment. there are no dividends or interest rates and no protection against inflation and you pay to store it. Gold usually fares well during times of economic uncertainty and distress.

US-China tensions is pushing the gold price up Last week tensions between the world's two biggest economies flared up after China ordered the closure of the US consulate in Chengdu following a similar decision by the US to close the Chinese consulate in Houston.

Gold rates issued by the ASSJA indicate that the yellow metal rose Rs5,100, continuing its rally since the past couple weeks, with investors pouring in money as the coronavirus pandemic weakens confidence in other commodities, currencies, and stocks.

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